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April 5, 2025Gold price down over 2% as it falls victim to global markets
Gold slumped more than 2% on Friday as the metal fell victim to the global markets’ sell-off following US President Donald Trump’s new round of aggressive tariffs, negatively affecting the global markets.
Spot gold fell 2.2% to $3,044.28 per ounce, erasing all of its gains for the week despite setting a new all-time high just two sessions ago. US gold futures lost 1.7% to trade at $3,068.70 per ounce. While bullion is typically seen as a haven during economic uncertainty, it can also join pronounced selloffs as investors are forced to raise cash to offset losses in other assets.
According to many banks and analysts, gold has already surged by nearly 20% this year, and stands to benefit further from an increasingly volatile macroeconomic and geopolitical environment.
