The US dollar index tumbled about 2% to 101.8 on Thursday, marking its steepest single-day drop in over two years and hitting a six-month low, as traders reacted to President Trump's latest tariff announcement. On Wednesday, Trump unveiled a baseline 10% tariff on all imports, set to take effect on April 5, with around 60 countries facing even steeper levies—54% for China, 20% for the EU, and 46% for Vietnam. Both China and the EU have already pledged retaliation, fueling concerns over a potential US recession and rising inflationary pressures. In response, traders increased their bets on...
Gold dropped more than 3%, falling below $3,060 per ounce on Thursday after briefly reaching a record high above $3,160, following news that the White House would exempt precious metals, steel, aluminum, and other metals from President Trump's "reciprocal" tariffs. However, concerns about the tariffs' impact on global inflation and growth, combined with expectations of rate cuts, central bank purchases, and strong demand for gold-backed ETFs, helped limit the losses. On Wednesday, Trump announced a 10% baseline tariff on imports from all countries, with higher rates for key trade partners,...
Gold fell more than 2% on Thursday, easing from an all-time high, as a wider market selloff triggered by U.S. President Donald Trump's import tariffs infected bullion traders. Spot gold fell 1.1% to $3,098.73 as of 10:04 a.m. EDT (1404 GMT) after earlier scaling a record of $3,167.57. U.S. gold futures fell 1.4% to $3,121.90. Traders attributed the dip to some profit-taking and margin calls in other asset classes likely prompting investors selling some of their gold holdings to cover losses. "While the whole tariff imbroglio has weighed on the dollar and should be good for gold, but...