Gold and Silver Prices Take a Hit Ahead of Key Summit

The precious metals market experienced a downturn, with gold prices falling by more than 1% early Monday. This shift comes as investors worldwide turn their attention to the upcoming meeting between U.S. President Donald Trump and Russian President Vladimir Putin in Alaska. The anticipation of potential progress towards peace in Ukraine has led to decreased interest in safe-haven assets like gold.

Impact of U.S. Tariffs on Gold Imports

Adding to the market's volatility, reports have surfaced about the Trump administration imposing tariffs on imports of one-kilo gold bars. This move had previously pushed gold futures to an all-time high last week, showcasing the delicate balance between geopolitical events and commodity prices.

Market Snapshot

At 3:02 am ET, gold was down by 1.02% to $3,363.62, with silver following closely, decreasing by 0.99% to $38.00. Platinum also saw a decline, slipping by 0.76% to $1,328.40, while palladium bucked the trend with a slight increase of 0.15% to $1,118.40.