Following sales from peak levels, gold prices dropped to $3,100. Experts have issued a warning of gold reaching $3,000 per ounce. Meanwhile, the price of gram gold fell below $3,800. Gold prices started declining after the record-breaking tariffs imposed by the U.S. On the announcement by U.S. President Donald Trump, gold hit a record high of $3,168. However, after the sales from the peak, gold decreased to $3,100 with a nearly 2% loss. The precious metal has seen an increase of almost 20% this year. Gram gold exchanged hands at $3,792, while quarter gold traded at $6,058. Trump declared that all countries, including Turkey, will face at least a 10% mutual tariff. The U.S. announced tariffs of 34% on China, 20% on the EU, and 24% on Japan. Additionally, a 25% additional tax was imposed on cars produced in foreign countries. Both the European Union and China stated that retaliatory measures will be taken against the U.S. Gold was supported by expectations of interest rate cuts, central bank purchases, and strong demand for gold-backed exchange-traded funds. Investors are focusing on the non-farm payroll data being released today. The effects of employment data on the U.S. Federal Reserve’s monetary policy will be closely monitored. Analysts noted that markets are beginning to price in trade risks and expressed the possibility of gold falling to $3,000 per ounce.