Market Turbulence Hits Precious Metals Hard

In a dramatic turn of events, the prices of precious metals took a significant hit on Friday, as the global markets reeled from the escalating trade crisis. The downturn was further exacerbated by China's announcement of a new 34% tariff on all goods, marking a sharp retaliation in the ongoing trade disputes.

Detailed Price Movements

Gold witnessed a sharp decline, dropping by 2.03% to $3,053.63 per ounce by 10:07 am ET. Not far behind, silver prices crashed by 4.93% just a minute later, settling at $30.30 per ounce. Similarly, platinum and palladium were not spared, with platinum slumping 2.29% to $929.43 and palladium decreasing by 2.42% to $901.20 by 10:10 am ET.