Stocks exploded higher Wednesday after President Donald Trump announced a 90-day pause on reciprocal tariffs (with the exception of China), easing investor fears.
US markets closed lower on 04/08 amid trade war fears and weak economic data. Asian markets followed suit with sharp declines, while European shares also fell as recession concerns grew. Oil prices dropped to multi-year lows, and the US dollar slumped as investors anticipate deeper rate cuts by the Federal Reserve.
Gold price (XAU/USD) climbs further beyond the $3,000 psychological mark during the Asian session on Wednesday and retests the overnight swing high as concerns about a tariffs-driven global recession continue to underpin safe-haven assets.
Gold price snaps three days of losses, consolidates below the $3,000 figure as US Treasury yields rise, making the non-yielding metal less appealing for investors.
Silver took a significant hit in the last few sessions as President Donald Trump’s broad global import tariffs roiled financial markets and sparked fears of trade-war-induced recession.
Despite considerable gains earlier today, all three major indexes closed firmly in the red, extending last week's wipeout with their fourth consecutive losses.
Gold is trading above $3,000 after rebounding from last week’s sharp selloff. The rally is driven by rising geopolitical tensions and shifting expectations for U.S. interest rates.
President Trump's new tariffs seem to be bringing offers to negotiate from many major US trading partners, triggering some gains as a rebound in stocks, commodities, and other risky assets.
