Gold, copper and other metals tumbled on Monday, extending declines in a brutal market-wide selloff as US President Donald Trump’s broadening trade war batters the prospects for the global economy.

Bullion, which has repeatedly touched record highs in recent weeks, fell as much as 2.2% to below $3,000 an ounce, while copper dropped as much as 7.7% in London, the most in five years. It follows a metals-to-oil rout that saw the Bloomberg Commodity Index tumble 5.8% last week, its worst showing since 2022.

Copper prices had been surging as traders warned that threatened tariffs on the metal would squeeze global supplies. Now, collapsing equity markets, further punitive tariffs across a swathe of countries and retaliatory measures from China have prompted much larger fears around global demand. Friday’s selloff on the London Metal Exchange was the biggest since March 2020.

While minimal changes to metals-related tariffs were “net positive on the margin, demand destruction and recession risk now take center stage,” JPMorgan Chase & Co. analyst Bill Peterson said in a note on Sunday.

Although gold typically benefits from periods of upheaval — and remains 14% higher this year — it can be sold during extreme market dislocation as investors seek to cover losses elsewhere.

Gold declined 1.9% to $2,979.73 per troy ounce at 8:15 a.m. Singapore time. Copper was 7.2% lower at $8,150 a ton, while nickel lost 5.5% to $13,945 a ton.

Iron ore in Singapore fell 3.6% to $97 a ton, a 3-month low.