Gold price down over 2% as safe-haven metal falls victim to market selloff

Gold slumped more than 2% on Friday as the metal fell victim to the global markets sell-off following US President Donald Trump’s new round of tariffs that turned out to be more aggressive than expected.

Spot gold fell 2.2% to $3,044.28 per ounce by 10:40 a.m. ET, erasing all of its gains for the week despite setting a new all-time high just two sessions ago. US gold futures lost 1.7% to trade at $3,068.70 per ounce.

Gold’s drop comes after the global stock market endured...