Gold prices jumped more than 3% to above $3,065 an ounce on Wednesday, as escalating U.S.-China trade tensions fueled demand for the safe-haven asset. Trump announced on Truth Social a 90-day pause and a 10% reciprocal tariff reduction for all countries except China. In the same post, he said tariffs on Chinese imports would rise to 125%. Treasury Secretary Scott Bessent later clarified that the 10% tariffs apply during negotiations but exclude China and sector-specific tariffs. The move followed Beijing's announcement of new tariffs on U.S. goods to 84%, up from 34%, and the European...
Oil prices rose more than 4% on Wednesday, rebounding from four-year lows hit earlier in the session, after U.S. President Donald Trump said he would continue to raise tariffs on China but halt the ones he announced last week for most other countries. Trump authorized a 90-day halt and raised tariffs on China to 125%, effective immediately. The previously announced 104% tariffs on China went into effect on Wednesday. Brent crude futures settled up $2.66, or 4.23%, at $65.48 a barrel. U.S. West Texas Intermediate crude futures settled up $2.77, or 4.65%, at $62.35. Both contracts had...
The Australian Dollar (AUD) strengthened during the American session on Wednesday (09/4), climbing to the mid-0.6100s as the US Dollar (USD) continued to weaken amid a risk-on rally in global markets. The currency pair rallied sharply after US President Donald Trump abruptly suspended most tariffs for 90 days, sparking a surge in equities and helping risk-sensitive currencies. The minutes of the Federal Reserve's (Fed) March meeting, released during the session, revealed that policymakers were grappling with a "difficult compromise" due to persistent inflation pressures and a weakening...