Gold plunges to 3-1/2-week low as market sell-off hits bullion

Synopsis

Gold dropped much than 3% connected Friday arsenic investors sold disconnected bullion to screen their losses from a wider marketplace meltdown arsenic an intensifying commercialized warfare sparked concerns of a planetary recession.

Gold prices continued to look turmoil connected Monday, and deed their lowest levels successful much than 3 weeks, arsenic a wider market sell-off triggered by U.S. President Donald Trump's tariff measures impacted bullion traders.

FUNDAMENTALS

* Spot golden was down 1.9% astatine $2,981.09 an ounce, arsenic of 0031 GMT, its lowest level since March 13. Bullion deed a grounds precocious of $3,167.57 connected April 3.

* U.S. golden futures fell 1.3% to $2,997.40.

* Gold dropped much than 3% connected Friday arsenic investors sold disconnected bullion to screen their losses from a wider marketplace meltdown arsenic an intensifying trade war sparked concerns of a planetary recession.

* The driblet successful prices made dealers speculate that investors mightiness beryllium selling disconnected golden to recognize profits, perchance covering losses oregon borderline calls connected different assets. This could trigger a cycle, with much investors selling, further driving down prices successful a antagonistic feedback loop.

* China connected Friday struck backmost astatine the U.S tariffs imposed by Trump with a slew of counter-measures including other levies of 34% connected each U.S. goods and export curbs connected immoderate rare-earths, deepening the commercialized warfare betwixt the world's 2 biggest economies.

* More than 50 nations person reached retired to the White House to statesman commercialized talks since Trump rolled retired sweeping caller tariffs, apical officials said connected Sunday arsenic they defended levies that wiped retired astir $6 trillion successful worth from U.S. stocks past week.

* Federal Reserve Chairman Jerome Powell said tariffs accrued the hazard of higher ostentation and slower growth, highlighting the hard way up for policymakers astatine the U.S. cardinal bank.

* In different metals, spot metallic retreated 2.8% to $28.74 an ounce, marking to its lowest level successful astir 7 months.

* Spot platinum eased 1.7% to $900.70 and palladium mislaid 2.6% to $888.00.

DATA/EVENTS 0600 Germany Industrial Output MM, Industrial Production YY SA February 0600 UK Halifax House Prices MM, YY March

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