Gold prices slipped on Friday, with spot gold falling 0.3% to $3,103.00 per ounce by 0510 GMT. The dip followed U.S. President Donald Trump’s tariff announcement, which clarified market risks but stoked fears of an economic slowdown.
Despite the drop, gold remains poised for a fifth straight weekly gain, buoyed by its safe-haven status amid global jitters.
Why Gold & Silver Price See BIG Correction Amid Economic Uncertainty
On April 3rd, dubbed as "#LiberationDay," gold and silver prices experienced a significant drop following U.S. President #DonaldTrump's tariff announcements. #GoldPrices on MCX dropped more than 2000 during the… pic.twitter.com/a8wh8Ex88k
— Mint (@livemint) April 4, 2025The precious metal had hit three record highs this week, peaking at $3,167.57, before a 2% plunge Thursday tied to a broader sell-off. U.S. gold futures ticked up 0.1% to $3,123.40, hinting at resilience. Trump’s move to a 10% baseline tariff on all U.S. imports, plus steeper duties on key partners—shifted investor outlooks. “Gold thrives on unpriced chaos,” said Ilya Spivak of Tastylive. “Trump’s tariffs gave markets a clearer path, trimming its uncertainty boost.”
Read: Gold Prices Hit Record $3,127.88 Amid Trump’s Trade Tariff Push
Trading partners vowed retaliation, raising inflation worries in the U.S., the world’s top consumer market. If growth slows, that could dent gold’s shine. Eyes now turn to the upcoming U.S. non-farm payrolls report, a key signal for Federal Reserve rate moves that often sway gold prices. Other metals showed mixed fates: silver shed 1% to $31.54, platinum eased 0.2% to $950.85, while palladium gained 0.4% to $932.00.
Friday’s pullback reflects a market recalibrating risks. Yet, with trade tensions simmering and economic data looming, gold’s safe-haven allure holds strong.
