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Araghchi: We have always supported Lebanon's sovereignty and territorial integrity at all times, we still do in these difficult circumstances.
Iranian Foreign Minister Abbas Araghchi from Beirut: Lebanon's independence and territorial integrity are of great importance to Iran, we support it against occupation.
Israeli army admits 3 soldiers of rank of Staff Sergeant were killed, 2 others injured in northern Gaza.
Occupied Palestine: Palestinian media: Martyrs and injuries as a result of the Israeli occupation firing on displaced people while they were waiting for aid west of Rafah.
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Al-Qassam Brigades says its fighters are engaging in fierce clashes with the occupation forces, killing and wounding soldiers east of Jabalia camp.
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Al Mayadeen's correspondent: 35 martyrs, 75 injured in occupation targeting of civilians seeking food aid in Rafah, Khan Younis, southern Gaza.
Da Silva: What is happening in Gaza is not a war, it is a genocide

Gold hits 3.5-week low amid market mass sell-off

  • By Al Mayadeen English
  • Source: News websites
  • 7 Apr 2025 20:10
3 Min Read

The price of gold witnessed a surge prior to Trump's reciprocal tariff announcement, however, investors are speculating that a mass sell-off is taking place to cover losses in other assets, like stocks.

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  • A visitor tries to pick up a gold bar at Sado Kinzan Gold Mine historic site in Sado, Niigata prefecture, Japan, Saturday, Nov. 23, 2024 (AP)
    A visitor tries to pick up a gold bar at Sado Kinzan Gold Mine historic site in Sado, Niigata prefecture, Japan, Saturday, Nov. 23, 2024 (AP)

Gold prices dropped to their lowest level in over three weeks on Monday as a broad market sell-off pressured the precious metal with investors liquidating their bullion holdings to cover losses amid growing fears of a global recession fueled by an escalating global trade war.

Spot gold fell 0.3% to $3,027.90 an ounce by 0331 GMT after declining over 1% earlier to its lowest since March 13, while US gold futures edged up 0.4% to $3,047.50, as the precious metal extended losses following a 3% drop on Friday triggered by a market sell-off after US President Donald Trump unveiled aggressive reciprocal tariffs.

Gold, typically a safe-haven asset, declined as traders speculated that investors were liquidating holdings to lock in profits or cover losses elsewhere.

"There's a lot of confusion and uncertainties in the markets about whether there is room for de-escalation ahead, given that tensions are at an extreme right now, with many still struggling to see any quick resolution for now," IG Market strategist Yeap Jun Rong said, according to Reuters.

"While some weakness in prices could be due to profit-taking, resilience still seems to be the broader theme, with safe-haven flows offering some cushion amid the market volatility," Rong added.

US President Donald Trump announced wide-scale reciprocal tariffs targeting more than 180 countries on April 4, triggering fears of a global trade war as countries act to counter the United States' economic policy.

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Trump tariffs fueling a global trade war

China announced on April 4 that it intends to impose a 34% tariff that matches the reciprocal tariff rate imposed by Trump on Beijing, in addition to economic restrictions that include barring exports of certain rare earth metals to the US.

Canadian Prime Minister Mark Carney accused the US of abandoning its traditional leadership role in global economic cooperation, stating, “The global economy is no longer the same as it was yesterday,” while unveiling a limited set of countermeasures on April 3.

The European Union has also promised to respond, with French President Emmanuel Macron calling on European countries to halt their investments in the United States.

German Chancellor Olaf Scholz previously asserted on March 31 that the EU would unite against Trump should he refuse to cooperate with the bloc.

Rising US tariff actions risk triggering a significant global trade downturn, World Trade Organization Director General Ngozi Okonjo-Iweala warned on April 3 amid growing demands from member nations for explanations regarding the implications of America's changing economic policies.

"The impact on global trade prospects and economic growth is becoming increasingly clear," Okonjo-Iweala stated, warning that retaliatory tariffs could spiral into a bigger tariff war.

The United States' sweeping imposition of tariffs is set to have far-reaching effects on global trade, Russian Security Council Deputy Chairman Dmitry Medvedev said on April 3 on his telegram channel, adding that "old trade chains will be broken, but new ones will arise."

  • United States
  • tariffs
  • Gold
  • Donald Trump

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