Gold Prices Plunge As Trump Creates More Tariff Confusion
Gold (XAU/USD) prices faced strong selling pressure and extended this week’s correction to hit a ten-day low near $2,880 at the time of writing on Thursday (27/2). The decline came after US President Donald Trump expressed doubt and confusion during a cabinet meeting on Wednesday about what levies would be imposed, when and on which countries.
President Trump said “tariffs will be applied, not all, but a lot” and added that levies on Canadian and Mexican imports would go into effect on April 2. Reciprocal tariffs will also be imposed on April 2. The US president confirmed that 25% tariffs would be imposed on Europe as well as on cars and other goods, but he did not provide further details.
Source: FXStreet