Gold prices have tumbled from recent records. What’s behind the losses?

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By WYATTE GRANTHAM-PHILIPS, AP Business Writer

NEW YORK (AP) — Less than a day after gold soared to another record high, prices for the precious metal plunged — marking the biggest sell-off in years.

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Gold futures in New York closed at a record $4,374 per troy ounce on Monday, before falling more than $250 (or 5.74%) Tuesday. That’s the largest, single-day percentage drop seen since September 2011, according to data in FactSet. And despite some brief rebounds, losses continued to pile up Wednesday — with gold futures trading at about $4,036 as of 11 a.m. ET.

Prices are still up since the start of 2025. Gold sales often rise sharply amid wider economic uncertainty, as anxious investors seek a “safe haven” for their money. More have turned to gold amid President Donald Trump’s barrage of tariffs on imports from around the world, rising concerns about inflation and the now weekslong U.S. government shutdown. And even before that, geopolitical tensions and strong demand from central banks bolstered gold’s gains over recent years.

But precious metals can be volatile — so it’s not uncommon for gold to see day-to-day fluctuations in value. Some analysts say this week’s pullback was triggered by hopes of cooling trade tensions between the U.S. and China, for example. Meanwhile, criticism had already been growing that gold’s price had gone too far, too fast. Others speculate there could be broader correction.

Here’s what we know.

What’s the price of gold today? What about silver?

Again, gold futures were trading at $4,036 per troy ounce — the standard for measuring precious metals — as of as of 11 a.m. ET. Wednesday. Spot prices had previously closed Tuesday at just over $4,125, down from a record more than $4,355 on Monday.

Silver also saw some losses this week. Silver futures in New York fell more than 7% on Tuesday, before seeing slight rebounds Wednesday morning. Prices were trading at $47.60 per troy ounce as of 11 a.m. ET, down from a record $53.44 hit last week.

Why have prices tumbled from record highs?

No investment’s price consistently goes up forever, and some fluctuation isn’t surprising after such meteoric rises.

“Why precious metals sold off yesterday — and whether this is the beginning of a broader correction — remains to be seen,” Ipek Ozkardeskaya, a senior analyst at Swissquote wrote in a Wednesday note.

Ozkardeskaya said Tuesday’s losses were “triggered by hopes of easing trade tensions between the U.S. and China and a rebound in the U.S. dollar.” Still, she noted that the future is far from guaranteed, and many of the same factors that drew buyers to gold this year remain. “What probably better explained yesterday’s precious metals sell-off was mainly the fact that the metals are now trading in deeply overbought market conditions with heightened volatility,” she added, noting that further price pullback is possible.

Again, despite this week’s losses, gold futures are still up 50% overall since the start of 2025. And silver has climbed even higher, up 60% year to date.

Is gold worth the investment?

Advocates of investing in gold call it a safe haven — arguing that the commodity can serve to diversify and balance your investment portfolio, as well as mitigate possible risks down the road as a hedge against rising inflation. Some also take comfort in buying something tangible that has the potential to increase in value over time.

Still, experts caution against putting all your eggs in one basket. Not everyone agrees gold is a good investment. Critics say gold isn’t always the inflation hedge many claim — and that there are more efficient ways to protect against potential loss of capital, such as derivative-based investments.

And again, as seen this week, it’s not on common for gold to have day-by-day swings in value.

The Commodity Futures Trade Commission has previously warned people to be wary of investing in gold. Precious metals can be highly volatile, and prices rise as demand goes up — meaning “when economic anxiety or instability is high, the people who typically profit from precious metals are the sellers,” the commission noted.

Gold demand escalates mercury poisoning warnings

The recent frenzy for gold has also resulted in health and environmental consequences — with officials pointing to rising demand for mercury, a toxic metal that is key in illegal gold mining worldwide.

Mercury is widely used to separate gold during artisanal or small-scale mining. But it pollutes water, accumulates in fish, makes its way into food and builds up in people’s bodies, leading to neurological and developmental harm. Even small-scale exposure can carry serious risks — putting in danger workers who rely on the industry, as well as residents in affected areas more broadly.

The Associated Press has reported about the effects of mercury poisoning tied to gold mining in countries like Senegal, Mexico and Peru, among other parts of the world.

UN chief defends science and weather forecasting as Trump threatens both

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GENEVA (AP) — The United Nations chief delivered a strong defense of science and meteorology on Wednesday, praising the U.N. weather agency for helping save lives by keeping watch for climate disasters around the world.

Secretary-General Antonio Guterres spoke to the World Meteorological Organization as science faces an assault in the United States: President Donald Trump’s administration has led an anti-science push, and Trump has called climate change “ a con job.”

A longtime advocate for the fight against global warming, Guterres spoke at a special WMO meeting aimed to promote early-warning systems that help countries rich and poor brace for floods, storms, forest fires and heat waves.

“Without your long-term monitoring, we wouldn’t benefit from the warnings and guidance that protect communities and save millions of lives and billions of dollars each year,” he said, alluding to “the dangerous and existential threat of climate change.”

Last week, the weather agency reported that heat-trapping carbon dioxide levels in the atmosphere jumped by the highest amount on record last year, soaring to a level not seen in human civilization and causing more extreme weather.

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Guterres called WMO staffers the “quiet force that illuminates all the rational climate decisions that we take.”

“Scientists and researchers should never be afraid to tell the truth,” he added.

The Trump administration has carried out deep cuts to the National Weather Service and fired hundreds of weather forecasters and other employees at the National Oceanic and Atmospheric Administration.

One man’s ICE watchdog work in a Chicago suburb

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Ismael Cordová-Clough slipped out before dawn most mornings, while the rest of the block slept. By 4 a.m., he was circling the same streets he grew up on, scanning corners, alleyways and factory lots for unmarked cars.

He goes by “Ish” on Facebook, where he has become a trusted but polarizing voice in Elgin’s immigrant community, documenting sightings of U.S. Immigration and Customs Enforcement and posting real-time updates. His videos often show tense, chaotic moments: neighbors being detained, agents refusing to answer questions, bystanders shouting in fear or solidarity.

Cordová-Clough, 28, recently left Elgin, but he said his feed remains a crucial part of the local resistance — especially since the Trump administration ramped up enforcement five weeks ago. Public demonstrations and chants are one way of protest, but Cordová-Clough and other organizers say they focus on evidence.

“People share old photos, misinformation all the time,” he said. “We try to verify in real time, with people who actually live here.”

Though now a sharp voice in local immigrant advocacy, Cordová-Clough didn’t start in this work. He was a student organizer and policy researcher, first drawn to activism through LGBTQ issues in middle school.

Ismael Cordová-Clough, center, and volunteer patrols meet in a downtown Elgin parking lot to discuss strategy as they look for possible ICE activity in Elgin on Sept. 17, 2025. (Stacey Wescott/Chicago Tribune)

In recent months, as arrests in Elgin have surged — sometimes reports of six in a week — Cordová-Clough said he’s watched local government, nonprofits, and even some Latino leaders remain silent. So he stepped up as a volunteer. His posts now reach tens of thousands, spreading fast whenever ICE is nearby. He delivers supplies and connects those left behind after deportation to lawyers.

As the only U.S.-born member of his family, Cordová-Clough carries a deep sense of responsibility. He’s seen firsthand how people in his community, including his family, alter their lives in the face of fear: avoiding public spaces by going to the laundromat late at night or changing jobs.

His presence may be digital now, but for people in Elgin, Ish is still on the ground.

“I’ll never fully understand,” he admitted. “But I can understand their fears and their worries and also their dreams.”

A complicated place to stand

Cordová-Clough is a queer Latino, married to a white partner, operating in a community where he’s often seen as “too much” — too loud, too soft, too visible, too Americanized.

As a kid, his parents pulled him from the dual-language program at his school to avoid an accent. They believed being “white-passing” meant success.

“I get a lot of Latinos saying that I shouldn’t be the voice because I’m not Latino enough,” he said.

He understands their discomfort, but he also believes it’s his role to push back against the colorism, racism and classism that often go unspoken in his community.

“My experience as a queer Latino man is different from a white queer man, or a Black queer man or even a straight Latino man,” he said. “We can’t build community without acknowledging that.”

He isn’t always welcome in some activist spaces, he said. He’s too unfiltered for some, too informal for others. He doesn’t work for a nonprofit and no one is funding him.

Ismael Cordová-Clough, right, livestreams federal agents detaining three men along Liberty Street on Sept. 20, 2025, in Elgin. Cordová-Clough is part of a volunteer patrol group in the area that documents federal agents in the area and livestreams their activities in order to alert the community. (Stacey Wescott/Chicago Tribune)

This has been his full-time side gig — alongside pursuing a master’s degree in public policy, with a focus on homelessness — and working at his friend’s insurance company.

“My husband and my mom don’t tell me what to do, so no one else will tell me what to do unless they’re paying me and no one’s paying me here,” he said.

He has drawn criticism from some local ICE response teams for posting sightings of immigration operations before they’re verified. But he believes people deserve to know, especially if he’s there himself. And he doesn’t think local leaders are doing enough. He said he’s not interested in backdoor deals or symbolic gestures.

Recently, after hundreds of workers at a nearby factory were laid off because of their unauthorized status, he organized a food drive for them from his garage. Community members dropped off eggs, lunch meat and diapers. Others helped sort items, assemble resource envelopes or deliver bags door-to-door.

“They were so grateful that someone was showing up to support,” Cordová-Clough said, of the men and women who were let go. “It didn’t seem so transactional.”

The cost of care

While immigration raids are the immediate threat in Elgin, other underlying issues also pull his attention, he said. Cordová‑Clough’s own story mirrors many in Elgin: moving two or three times a year, family instability, periods without a permanent place to sleep.

“In fifth grade, the sheriff came to evict us. Threw all our stuff into garbage bags,” he said. “I didn’t even understand what was happening.”

In seventh grade, his stepfather was deported after a domestic violence incident in their home. “At the time, my stepdad was the worst of the worst,” he said.

Ismael Cordová-Clough, left, hugs Delani Henrnadez, both members of a volunteer patrol group in the Elgin area, as Hernandez cries after witnessing a man pulled from his truck and detained by federal agents along Route 31 on Sept. 16, 2025, in Elgin. “I couldn’t stop them, I couldn’t stop them,” Hernandez cried. It was her first day on patrol with the group which live-streams and posts any suspected ICE activities in and around Elgin. (Stacey Wescott/Chicago Tribune)

He doesn’t believe ICE is always wrong, but said the system doesn’t distinguish between violent offenders and working parents.

His relationship with family remains complicated. His mom and siblings didn’t watch a single one of his dozens of plays and speech competitions, he said, because of the language barrier. As a teenager, after feeling like for too long he had been their “caretaker,” he moved away and briefly lived out of his car.

His grandmother refused to attend his 2023 wedding because he was marrying a man, he said, though she’s since come back into his life due to his immigration advocacy and involvement in the community.

“She sees that people she knows, people from her church, respect what I’m doing,” he said. “Now she appreciates it.”

A community on edge

Recently, a childhood friend called him as ICE had just detained a person nearby. When he arrived at the intersection, he said “people were screaming and yelling, and there was glass everywhere.” The immigration officers had smashed the car window. He believes they were looking for someone else, and the father was taken in the process.

The pregnant mother, Annayeli, whose name the Tribune is withholding for her safety, said they had just been taking pictures of a new crib to post on Facebook. She told him he hadn’t wanted to go to work that morning.

Ismael Cordová-Clough, right, drops off a bag of groceries on Aug. 26, 2025, in Elgin to a pregnant woman whose partner was detained this summer. (Stacey Wescott/Chicago Tribune)

Cordová-Clough and Annayeli went back to her house, where the walls were adorned with pink and white, he said, awaiting the birth of the baby. Cordová-Clough remembers sitting with her as she threw up from anxiety. He said it was one of the most “emotionally draining experiences of (his) life.”

He visited her several weeks later to drop off soap. The blinds were drawn and she sat on the couch holding her still swollen belly. Annayeli said after the deportation, her neighbors across the street drove around outside the home in trucks and masks to intimidate her.

“I used to feel proud to live here,” she told him. “Now I’m scared all the time. I’m not proud of what is happening here.’

She, like other families who are navigating deportation, calls Cordová-Clough almost daily.

Resistance

Cordová-Clough, who has become known as “the Facebook guy” in his community, has helped create a larger movement in Elgin. One day, ICE was spotted on a street and community members swarmed the area, shouting “Migra! Migra!” to let people living nearby know to stay inside.

He was eating at a Mexican restaurant, he said, when the waitress recognized him. He said he ended up passing out “Know Your Rights” cards to the workers.

At first glance, Ismael Cordová-Clough’s presence online might seem combative — marked by sharp replies and public call-outs. He spends hours combing through Facebook comments, calming panicked families and, when necessary, clapping back.

“I get really nasty with people online,” he said. “Because some of them are really nasty. I think it’s OK, as long as I’m matching their energy.”

Elgin activist Ismael Cordová-Clough, right, livestreams during a protest against ICE in Elgin on Aug. 23, 2025. (Stacey Wescott/Chicago Tribune)

His vigilance has drawn admiration and threats. Strangers, sometimes fake profiles, have posted photos of his house, asking if the cars in the driveway belong to him.

“And I was like, yes, that’s my house. You’re not scaring me,” he said.

He constantly looks for signs of ICE: tinted cars spaced out, all parked backward for a quick exit. It’s hard to spend time with friends because he’s always being alerted to some arrest or a new person who might need help.

In his free time, he watches TV with his husband or spends time with his dog Coco, a 10-year-old high school graduation gift, along with Rollo, a Russell terrier, and Ollie, a chihuahua.

The work, he said, has taken a toll. And in a difficult decision, in September, he announced he was moving to follow his husband, who was relocating to California later this fall.

Posting the news on Facebook made him cry, he said. The community, while complicated for him, has grown around him. They need him, he said, and he needs them.

As the presence of federal officers has increased in recent weeks, leaving has felt even harder.

“I feel like I’m abandoning people when they need me most,” he said. “But at the same … I’ve been carrying the emotional weight around me for far too long, and that’s not my obligation either.”

Maria Elena, a volunteer and single mother who works alongside Ismael, said she’s constantly amazed by the number of people who reach out to him and rely on him.

“People really look to him for what to do,” she said, adding that she believes more people need to be out on the streets and organizing the community like him.

In recent weeks, he’s built a resource guide and tapped others — including Maria Elena and Cristobal Cavazos of Immigrant Solidarity DuPage — to carry the work forward. Despite everything, he still believes in people: in starting from scratch, and in showing up messy, unpolished.

A poem is tattooed on his forearm: “Dear little loud mouth. I loved you back then — and I still love you now.”

Best Burgers 2025: Our annual guide to the best patty this side of a bun

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Burgers aren’t forever.

Over the past year, we’ve lost some of our favorite burgers, with the closure of restaurants including Saint Dinette, Revival and Chip’s Clubhouse. But we’ve got plenty of strong newcomers to our annual burger guide, too, from a couple newly resurrected classic spots to neighborhood newbies and food trucks.

Here’s our ode to the humble burger, grouped into categories to help you narrow down where you’re heading tonight. Did we miss your favorite? Let us know at eat@pioneerpress.com.

And friends, don’t let the good burger pass you by.

Elevated: 17 ‘cheffy’ burgers

The burger at Forepaugh’s in St. Paul, pictured in September 2025. (Jess Fleming / Pioneer Press)

Neighborhood: 14 close-to-home spots.

A burger with St. Andre cheese and cognac-grilled onions is served at Altera in Highland Park on July 21. (Jared Kaufman / Pioneer Press)

Cult Faves: 9 hype-worthy burgers off the beaten path.

The 328 Burger at 328 Grill at the Legion in St. Paul Park. (Jess Fleming / Pioneer Press)

Cheers: 20 burgers at bars and dives to pair with a drink.

The burger at The Dive at Coastal Seafoods on Snelling Avenue in St. Paul. (Jess Fleming / Pioneer Press)

Destination: 11 burgers worth the drive.

The Skirt Burger from B-52 Burgers and Brew in Inver Grove Heights. (Jess Fleming / Pioneer Press)

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