India, April 3 -- The price of gold showed a substantial move to the downside during trading on Thursday, giving back ground following the rebound seen in the previous session.
After climbing $21 or 0.7 percent to $1,139.90 an ounce on Wednesday, gold for April delivery tumbled $42.90 or 1.4 percent to $3,097 an ounce.
The steep drop by the price of the precious metal came amid a broad sell-off in financial markets around the world after President Donald Trump revealed his plan to impose sweeping tariffs on U.S. trade partners.
Trump's "reciprocal tariff" plan calls for a baseline 10 percent tariff to be imposed on all U.S. imports except those compliant with the United States-Mexico-Canada Agreement.
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