Gold Prices Experience Significant Drop

In a surprising turn of events, the prices of precious metals saw a notable decline this Wednesday. Gold, in particular, fell by more than 1%, a movement attributed to recent comments by United States President Donald Trump regarding trade relations with China.

Trump's Rally Remarks Ease Investor Concerns

During a celebratory rally in Michigan marking 100 days of his presidency, Trump expressed optimism about reaching a "fair deal" with China. He emphasized that both nations are keen on making a deal, which in turn, alleviated some of the investors' worries, steering them away from safe-haven assets like gold.

Detailed Precious Metals Pricing

At 5:56 am ET, gold was down by 1.22%, trading at $3,276.77 per ounce. Silver wasn't spared either, with a 2.03% drop to $32.27 per ounce by 5:57 pm ET. Platinum also saw a decrease of 1.19%, selling for $969.53 per ounce, while palladium bucked the trend with a 0.73% increase to $919.25 per ounce at 5:58 am ET.