Gold prices dipped below the $3,000 mark on Monday, heading for their steepest three-day slide in over four years, as global markets reeled from escalating tariff tensions triggered by U.S. President Donald Trump’s latest trade measures.
Spot gold fell as much as 2.7% during the session before trimming losses, and was last seen trading at $2,995.8 an ounce at 7:55 p.m. in New York. The drop comes after the metal touched a record high just days earlier, driven by haven demand amid rising geopolitical risks.
Despite the broader trend of gold serving as a safe-haven asset during global uncertainty, recent volatility has sparked widespread deleveraging across asset classes. Daniel Ghali, senior commodity strategist, noted that gold remains “overbought” and warned that “deleveraging is the salient risk” in the current climate.
The selloff comes as Wall Street responds to a flurry of aggressive trade policy headlines. Trump’s threat of an additional 50% tariff on China, following Beijing’s announcement of a 34% retaliatory duty, has intensified fears of a full-blown global trade war. Administration officials have attempted to soothe market concerns, but warnings from economists and business leaders, including JPMorgan CEO Jamie Dimon, continue to mount.
Silver rebounded slightly after a two-day slump, while platinum and palladium extended their losses.
