Decline in Gold Prices
Global gold prices experienced a decline during trading on Friday after reaching a historical high on Thursday. The price of an ounce of gold fell by 0.4%, hitting a low of $2,916 per ounce after opening at $2,939 per ounce. It is currently trading at $2,928 per ounce.
Today’s drop in gold prices is considered a natural negative correction following its recent surge and its record high of $2,954 per ounce yesterday. This comes amid increased demand for safe-haven assets in financial markets due to concerns over U.S. President Donald Trump’s tariff threats.
Earlier this week, Trump stated that he would announce new tariffs next month or even sooner, adding lumber and forest products to the previously announced plans to impose tariffs on imported cars, semiconductors, and pharmaceuticals.
