Gold Prices Tumble as Trump Vows Fair Trade Deal with China

In a surprising turn of events, the prices of precious metals took a significant hit this Wednesday. Gold, often seen as a safe-haven asset, saw a decrease of more than 1% following President Donald Trump's announcement. During a spirited rally in Michigan, celebrating his first 100 days in office, Trump reassured the public and investors alike that his administration is on the brink of securing a "fair deal" with China. This statement has notably eased market anxieties, diverting attention away from traditional safe investments.

Market Reactions and Precious Metals Performance

The immediate aftermath of Trump's remarks was palpable across the board. By 5:56 am ET, gold had dropped by 1.22%, trading at $3,276.77 per ounce. Silver wasn't spared either, with a 2.03% decline by 5:57 pm ET, settling at $32.27 per ounce. Platinum also felt the pressure, dipping 1.19% to $969.53 per ounce. Interestingly, palladium bucked the trend, posting a 0.73% increase to $919.25 per ounce by 5:58 am ET.