As the week drew to a close the price of gold took a nosedive following an initial surge to unprecedented peaks earlier in the week; meanwhile the price of silver also took a sharp fall. Following the revelations by U.S President Donald Trump with the imposition of hefty trade tariffs directed at a wide array of countries apart from “bullion”, the market became super volatile. This waiver for gold resulted in a significant shrinking of the once broad price difference between New York and London. This narrowing has drawn an unprecedented flow of valuable metal into the United States.

When China hit back on Friday with a counter tariff it stirred up quite a storm in all markets, making metal prices wobble. In China, known as the biggest buyer of gold, there was a noticeable jump in how much gold people were buying. In China the cost to buy gold has shot up. Now it costs about $8 to $15 more for each ounce than the global spot prices. A big reason for the prices going up is that people are worried that new taxes President Trump introduced might affect the economy.

These developments didn’t just impact valuable metals. Copper and other base metals felt the sting as well, with copper prices taking a steep dive, hitting a nine percent drop at the lowest point in Friday’s trading session. The drop in figures is a mirror to the broad concern among investors fearing that the introduction of fresh tariffs by the U.S. might choke off the worldwide economic expansion and cut down the need for metals in the industrial sector. Given its wide application in sectors like industry, manufacturing, and construction, copper stands at the frontline, highly vulnerable to economic slumps. The shadow of a possible worldwide trade conflict seems to have intensified the worry over an impending economic downturn.

With the new week on the horizon, the financial markets still show signs of being a rollercoaster ride. As they steer through the choppy waters of global trade disputes and the ripple effects on the cost of goods, those with stakes in the market should brace for more unpredictability ahead. All eyes are fixed on the ever-changing situation as everyone waits to see what will happen next and how it might steer the market’s course in the coming days.