Precious Metals Feel the Heat as Trade War Looms

The global financial markets witnessed a significant downturn in precious metals this Friday, as investors swiftly moved away from traditional safe-haven assets. This shift comes in the wake of the United States' announcement of comprehensive trade tariffs, sparking widespread concerns over potential economic slowdowns.

Trump's Tariff Announcement Sends Shockwaves

On April 2, President Donald Trump unveiled a series of aggressive tariff measures, including a universal 10% tax on all imports. Notably, specific countries faced even higher rates: China at 54%, Japan at 24%, the European Union at 20%, India at 26%, Taiwan at 32%, and Vietnam at 46%.

Market Reactions: A Detailed Look

By 4:35 am ET, gold prices had fallen by 1.03% to $3,082.56 per ounce. Silver wasn't spared, with a 1.68% drop to $31.32 per ounce. Palladium and platinum also saw declines, shedding 1.67% and 1.01% to $944.35 and $914.24 per ounce, respectively.