The recent surge in gold prices has taken a drastic turn, with the precious metal plummeting below the $4,000 per ounce mark. This significant drop is largely attributed to the escalating US-China trade tensions, which have led to a surge in risk aversion among investors. As a result, gold prices have dipped by 3% in the past 24 hours, with the current price standing at $3,988 per ounce. In contrast, silver prices have experienced a more severe decline, plummeting by 5% to $46.45 per ounce. The Chinese yuan-denominated gold price has also seen a significant drop, falling by 2% to 910 yuan per gram. The current market volatility is a clear indication of the heightened uncertainty and risk aversion among investors, with many seeking safe-haven assets like gold and silver. As the situation continues to unfold, it is essential for investors to remain vigilant and adapt their strategies accordingly.