Gold prices drop after Trump tariff move

Gold prices declined on Friday as investors reassessed risk sentiment following U.S. President Donald Trump’s new tariff measures, which provided market clarity but heightened concerns over a potential economic slowdown.

Spot gold dipped 0.3% to $3,103.00 per ounce, although the metal remained poised for its fifth consecutive weekly gain due to sustained safe-haven demand.

US gold futures inched up 0.1% to $3,123.40 after dropping over 2% in the previous session, shortly after gold hit a record $3,167.57.

Analyst Ilya Spivak noted that while gold typically benefits from uncertainty, clearer risk pricing following Trump’s announcement reduced its appeal.

Trump introduced a 10% baseline tariff on all imports, prompting fears of a trade escalation.

Investors now await the U.S. non-farm payrolls report for signals on the Federal Reserve’s rate policy.

Other precious metals traded mixed: silver fell 1%, platinum 0.2%, while palladium gained 0.4%.