Market Turmoil Deepens as Trade Crisis Escalates

The selloff in precious metals intensified on Friday, with gold and silver prices plummeting by over 3% and 7%, respectively. This dramatic drop comes as investor confidence is further shaken by escalating trade tensions.

China's Retaliatory Tariffs Rattle Markets

Investors were left reeling after China imposed a sweeping 34% tariff on all U.S. goods, a move that has significantly contributed to the current market volatility. The precious metals market was not spared, with prices continuing their downward spiral.

Price Updates

At 1:31 pm ET, gold was down 3.13%, trading at $3,018.57 per ounce. Silver saw a more drastic decline, crashing by 7.83% to $29.36 per ounce. Platinum and palladium also suffered losses, dropping by 3.17% and 2.04%, respectively.