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FUNDAMENTALS
* Spot gold was down 1.9% at $2,981.09 an ounce, as of 0031 GMT, its lowest level since March 13. Bullion hit a record high of $3,167.57 on April 3.
* U.S. gold futures fell 1.3% to $2,997.40.
* Gold dropped more than 3% on Friday as investors sold off bullion to cover their losses from a wider market meltdown as an intensifying trade war sparked concerns of a global recession.
* The drop in prices made dealers speculate that investors might be selling off gold to realize profits, potentially covering losses or margin calls on other assets. This could trigger a cycle, with more investors selling, further driving down prices in a negative feedback loop.
* China on Friday struck back at the U.S tariffs imposed by Trump with a slew of counter-measures including extra levies of 34% on all U.S. goods and export curbs on some rare-earths, deepening the trade war between the world’s two biggest economies.
* More than 50 nations have reached out to the White House to begin trade talks since Trump rolled out sweeping new tariffs, top officials said on Sunday as they defended levies that wiped out nearly $6 trillion in value from U.S. stocks last week.
* Federal Reserve Chairman Jerome Powell said tariffs increased the risk of higher inflation and slower growth, highlighting the difficult path ahead for policymakers at the U.S. central bank.
* In other metals, spot silver retreated 2.8% to $28.74 an ounce, marking to its lowest level in nearly seven months.
* Spot platinum eased 1.7% to $900.70 and palladium lost 2.6% to $888.00.
DATA/EVENTS 0600 Germany Industrial Output MM, Industrial Production YY SA February 0600 UK Halifax House Prices MM, YY March
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https://economictimes.indiatimes.com/markets/commodities/news/gold-plunges-to-3-1/2-week-low-as-market-sell-off-hits-bullion/articleshow/120048902.cms
