Gold slumped more than 2% on Friday as the metal fell victim to the global markets sell-off following US President Donald Trump’s new round of tariffs that turned out to be more aggressive than expected.
Spot gold fell 2.2% to $3,044.28 per ounce by 10:40 a.m. ET, erasing all of its gains for the week despite setting a new all-time high just two sessions ago. US gold futures lost 1.7% to trade at $3,068.70 per ounce.
Gold’s drop comes after the global stock market endured of one of their worst days since the height of the pandemic, with about $2.5 trillion erased from the S&P 500 alone. While bullion is typically seen as a safe haven during economic uncertainty, it can also join pronounced selloffs as investors are forced to raise cash to offset losses in other assets.
For the rest of this article: https://www.mining.com/gold-price-down-over-2-as-safe-haven-metal-falls-victim-to-market-selloff/