New York: US President-elect Donald Trump's recent announcement of potential tariffs on imports from Mexico, Canada, and China has sent ripples through the commodity markets, stirring concerns over the global manufacturing sector and demand for base metals. The proposed 25% levy on products from Mexico and Canada, alongside an additional 10% tariff on Chinese goods, has generated selling pressure, reflecting fears of disruption in the ongoing monetary easing efforts by central banks worldwide. According to Anadolu Agency, the discovery of one of the world's largest gold deposits in Hunan province, Central China, is expected to have significant long-term effects on gold prices. Despite the initial dip in gold prices at the start of the week, influenced by a cease-fire between Israel and Lebanon, the ounce price of gold ultimately saw a 2.4% decline by week's end. The cease-fire was reportedly broken, leading to increased gold prices due to its status as a safe haven asset. Silver mirrored the decline in gold , dropping 1.9% last week. This fall was marked as its worst 14-month performance, despite geopolitical tensions and the depreciating US Dollar Index. Palladium prices fell by 3.1%, affected by potential sanctions against Russia and forecasts from Russian miner Nornickel predicting sustained demand from China. Base metal prices were impacted as well, with concerns over Trump's tariffs influencing manufacturing sectors in targeted countries. Copper prices rose by 0.4%, driven by a predicted fall in China's scrap copper imports. Nickel experienced a 1.9% decline following Indonesia's review of mining compliance with environmental regulations, which could affect production quotas. Energy commodities also faced a downturn, with Brent crude oil declining 3.1% as accusations of ceasefire violations between Israel and Lebanon emerged. The postponement of the OPEC+ meeting added to market uncertainty. Natural gas prices fell slightly by 0.1%, influenced by weather-driven volatility in the US and Europe. In the agr icultural sector, wheat prices decreased by 2.7%, while soybeans experienced a 0.7% increase due to robust EU imports. Corn prices fell by 0.5% following a significant purchase announcement from Mexico. Coffee prices soared to a 47-year high, recording a 6% increase due to adverse weather in Brazil and low production in Vietnam. Lastly, sugar prices declined by 1.3% after India's decision to lift ethanol production restrictions, affecting sugar mills' operations. The cocoa market, however, saw a positive shift, with prices rising by 3.38% by the end of the week.