empty

03.04.202518:13:00UTC+00Gold Pulls Back Sharply Off Yesterday's Record Closing High

The price of gold showed a substantial move to the downside during trading on Thursday, giving back ground following the rebound seen in the previous session.

After climbing $21 or 0.7 percent to $1,139.90 an ounce on Wednesday, gold for April delivery tumbled $42.90 or 1.4 percent to $3,097 an ounce.

The steep drop by the price of the precious metal came amid a broad sell-off in financial markets around the world after President Donald Trump revealed his plan to impose sweeping tariffs on U.S. trade partners.

Trump's "reciprocal tariff" plan calls for a baseline 10 percent tariff to be imposed on all U.S. imports except those compliant with the United States-Mexico-Canada Agreement.

Certain countries deemed the "worst offenders" will face much higher tariffs, with countries like Cambodia, Laos, Madagascar and Vietnam set to be charged nearly 50 percent.

While gold is often seen as a safe haven, traders may have taken the opportunity to cash in on recent strength after the precious metal reached a record closing high on Wednesday.

Selling pressure was relatively subdued compared to other markets, however, with a slump by the value of the U.S. dollar helping limit the downside for gold.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST


Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.