Precious Metals Market Reacts to Trade Announcements

In a dramatic turn of events, the precious metals market experienced significant losses on Thursday. Gold prices dropped over 2%, while silver saw a staggering 6% decline. This market movement comes in the wake of President Donald Trump's latest trade policy announcement, which has injected a new level of uncertainty into global markets.

Trade Policies Shake Market Confidence

The announcement included a proposal for a baseline 10% import tariff across all nations, with higher rates specifically targeting countries that maintain trade surpluses with the United States. This bold move has raised concerns among investors and traders alike, leading to a cautious approach towards precious metals.

Additional Economic Indicators Fuel Decline

Further contributing to the market's downturn were recent reports on the US goods trade deficit, job cuts, and jobless claims. These indicators have painted a complex picture of the current economic landscape, influencing the precious metals market's trajectory.

At 8:34 am ET, the prices stood as follows: Gold at $3,070.83 per ounce, Silver at $31.85 per ounce, Platinum at $960.60 per ounce, and Palladium at $942.06 per ounce, each marking significant declines from previous figures.