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Gold prices experienced a sharp decline this morning, with spot gold dropping 1.5% to $3,087.38 per ounce, down $46.92 from the previous close of $3,134.30. The selloff follows a record high of $3,167.88 reached earlier in the session, as profit-taking intensified amid heightened market volatility triggered by U.S. President Donald Trump’s sweeping tariff announcements. The new tariffs, which include a baseline 10% levy on all imports and steeper rates for key trading partners, have rattled global markets. While gold initially benefited from safe-haven demand, the selling pressure reflects traders locking in gains after the recent rally that saw gold rise over 19% year-to-date.
The broader market turmoil has also impacted silver prices, which fell sharply by 4.4% to $32.54 per ounce, marking its lowest level in nearly a month. Analysts attribute the decline in both metals to a mix of profit-taking and uncertainty over how the tariffs will affect global economic growth and industrial demand for precious metals like silver. Despite today’s pullback, gold remains well above its 50-day and 200-day moving averages of $2,953.79 and $2,716.15, respectively, signaling continued strength in the longer-term trend.
