Gold opened at $3,055.10 on Monday, down 3.58% from all-time highs last week as investors reacted to U.S. President Trump’s April 2 announcement of global tariffs. Weakness in the stock market usually bodes well for gold, but all bets are off the table in today’s economic environment.

​​The spot price of gold fell Friday to $3,012 after opening the day at $3,110.15. The 3.17% decline improved slightly on the intraday low of $3,011. Gold is up 16.77% since Jan. 1 and was down 2.55% last week amid the tariff turmoil.

The S&P 500 fell 9.1% last week after two historically bad single-day declines. The U.S. dollar also weakened, which is the opposite of the intended tariff effect. Investors are nervous about the U.S. economy and the possibilities of recession and inflation. Gold’s record highs last week aligned with the uncertainty, as many consider gold a safe-haven asset when currencies and stocks are volatile.