Gold, silver plunge as Trump casts doubt on Xi meeting
Gold and silver prices plunged on Wednesday after President Donald Trump cast doubt on his planned meeting with Chinese leader Xi Jinping. The metals dropped for a second straight session following a rally that pushed gold up more than 60 percent since January. Bullion fell to $4,000 per ounce after reaching a record $4,381.51 on Tuesday.
Mining stocks tumbled across Asian markets as investors took profits. Northern Star Resources declined more than 8 percent in Sydney while Hong Kong-listed Zijin Gold fell over 4 percent. Trump said the Asia-Pacific Economic Cooperation summit encounter might not happen despite earlier optimism about progress on trade negotiations.
Regional equity indexes retreated after two days of gains. Hong Kong, Shanghai, Sydney, and Tokyo posted losses as traders reassessed the outlook for relations between Washington and Beijing. A stronger dollar and reduced safe-haven demand contributed to the precious metals selloff.
