Gold is down almost 1% today falling below $3100 level. Yesterday Trump's massive tariffs plan increases uncertainty, however it didn't apply to certain goods, including energy, copper, gold and other certain minerals that are not available in the United States. The US COMEX vaults are 'full' after huge imports from Europe, and US administration decision suggests that gold market will be not additionaly pressured by sanctions on precious metals. Gold market was fearfull, that Trump will impose tariffs also on gold, tightening the spot market even more. Now, the relief and profit taking pressures gold prices down.
Source: xStation5
Not only GOLD but also SILVER loses today, falling almost 4%. According to Reliance Securities, the demand on silver will slow down as tariffs will hit countries, which are producing semiconductors, where silver is extensively used.
Source: xStation5
Morning wrap (31.10.2025)
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