India, April 4 -- While gold is often seen as a safe haven during times of turmoil, the price of the precious metal showed another substantial move to the downside on Friday amid an extended sell-off by markets around the world.
Gold for April delivery plunged $85 or 2.7 percent to $3,012 an ounce after tumbling $42.90 or 1.4 percent to $3,097 an ounce, recording the biggest two day-dollar decline since April 15, 2013.
With the steep drop over the past two days, the price of gold pulled back well off its record highs and dove by 2.4 percent for the week.
The extended slump by gold came amid a wider sell-off amid ongoing concerns about a global trade war after China announced retaliatory tariffs on U.S. goods in reaction to President Dona...