Gold has collapsed to a three-week low

On Monday, the price of gold dropped to its lowest level in the last three weeks in Asian trading. This happened against the background of the fact that investors began to get rid of their positions in order to cover losses in other markets caused by the aggravation of global trade tensions and growing concerns about a possible global economic downturn.

The spot price of gold fell to $2,972.4 per ounce, which is the lowest since March 13. Last week, the price of gold reached several record highs, but after the announcement of the introduction of new tariffs, it began to decline. The price of June futures on Monday declined to $2,987.4, recovering during the day to $ 3,054 per ounce.

Traditionally, gold is considered a safe asset, but its value is declining amid general risk aversion. Market participants continue to analyze the possible consequences of the large-scale tariff measures announced by the US president.