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GOLDGold prices erased gains and fell about 2.5% to $3,020 an ounce on Friday, hitting a one-week low and retreating further from record highs set earlier in the week.
Analysts attribute the decline to investors selling gold to cover losses in other asset classes amid margin calls.
The stock market saw another sharp sell-off as trade tensions escalated.
China’s announcement of a 34% tariff on all U.S. imports, in retaliation for President Trump’s duties, has heightened concerns over global economic stability and inflationary pressures.
Despite the intensifying trade war, precious metals remain unaffected by Trump’s “reciprocal” tariffs.
Meanwhile, gold inventories in COMEX warehouses across the US have surged in recent months due to fears that import tariffs could disrupt shipments.
For the week, gold is still up about 1%, marking its fifth straight weekly gain.
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