Spot Gold registered its lowest price level since March 13th on Monday, at $2,970.21 per troy ounce, amid a broader market sell-off, as market players likely sold bullion to realize profits and cover losses or margin calls on other trades.
The yellow metal retreated over 2.5% on Friday after China’s retaliatory move to US tariffs.
China announced on Friday it planned to implement 34% tariffs on all goods imported from the US as well as export curbs on some rare earth metals.
The move came as a response to the Trump administration’s 54% duties imposed on Chinese imports. This fueled concerns over an escalating trade conflict between the world’s first two largest economies.
“There’s a lot of confusion and uncertainties in the markets about whether there is room for de-escalation ahead, given that tensions are at an extreme right now, with many still struggling to see any quick resolution for now,” IG market strategist Yeap Jun Rong was quoted as saying by Reuters.
At the same time, China’s central bank added Gold to its reserves for a fifth consecutive month in March.
Spot Gold was last down 0.26% on the day to trade at $3,029.84 per troy ounce.
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