Gold prices fell nearly 2% on Friday as traders liquidated their bullion positions following wider market sell-offs, after China's retaliation with fresh tariffs against U.S. President Trump's sweeping levies.

Gold fell victim to a selloff in global markets Thursday after President Donald Trump announced wide-ranging tariffs on foreign imports — but it’s still a clear-cut winner to hedge uncertainty, as bargain hunters helped prices for the precious metal recover much of their losses by the day’s settlement.