Gold prices fell in the international market on Friday following recording consecutive surge for many days.
As per media reports, spot gold was down 0.3 per cent at $3,103.00 an ounce, as of 0510 GMT. Still, bullion was on track for a fifth consecutive weekly gain, buoyed by its safe-haven appeal that aided gold to reach three record highs this week. US gold futures firmed 0.1 per cent to $3,123.40.
In the previous session, gold dropped more than 2 per cent as a broader market sell-off sparked by Trump’s import tariffs, weighed on bullion traders.
This sharp pullback came just hours after gold reached a record high of $3,167.57.
“Gold tends to rally amid difficult-to-price uncertainty, like the start of a war – but tends to lose that support once markets learn how to price the risks involved,” said Ilya Spivak, head of global macro at Tastylive.
Spot silver declined 1 per cent to $31.54 an ounce, platinum lost 0.2 per cent to $950.85, and palladium rose 0.4 per cent to $932.00.
