Gold futures shed $139.60, a 3.38% drop, to settle at $3,990.30 per troy ounce. The metal is now trading more than 25% below its 2026 highs, reflecting the sudden collapse of the "dollar debasement" trade. Silver fared worse, tumbling 6.4% to $58.05 an ounce, effectively cutting its value in half since the January peak. Hedge funds, which previously anticipated that the U.S. central bank would slash interest rates faster than global peers, are now aggressively unwinding those positions.

In a separate development, Chemours reached a $450 million settlement regarding allegations that the company utilized "forever chemicals" within its product line. The deal marks a significant financial resolution for the manufacturer amid broader volatility in the materials sector.