Gold’s big drop — Trump’s trade games in full swing

Gold has tumbled to its lowest in three months, with trade and geopolitical developments taking centre stage. Donald Trump’s confirmation that there will be no US tariffs on bullion, combined with optimism over a Ukraine ceasefire and a temporary extension of reduced Chinese tariffs, has eased market tensions and triggered selling.

Despite the short-term pullback, Australian gold producers continue to benefit from favourable currency conditions, keeping margins strong. With uncertainty likely to return, miners face a strategic choice; reinvest, reward shareholders, or simply ride the current wave.