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,...
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...
Oil prices dropped over 6% on Thursday, with WTI crude falling to $67 per barrel, after eight OPEC+ countries unexpectedly announced they would increase oil production by 411,000 barrels per day in May, far more than the planned 135,000 bpd. OPEC cited strong market fundamentals but said future increases could be paused if needed. Oil was already down over 4% after U.S. President Trump announced new tariffs, sparking fears of a global trade war that could slow economic growth and reduce fuel demand. While oil imports were exempt, investors worried the tariffs could still hurt the economy...
The AUD/USD pair moves higher and advances toward the two-week high of 0.6350 in Thursday's European session. The Aussie pair strengthens as the US Dollar (USD) faces an intense sell-off, with traders becoming increasingly confident that the new suite of tariffs by President Donald Trump will lead to a United States (US) recession in the near term. The US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, is down more than 2% to near 102.00. This is the highest one-day correction seen in years. On Wednesday, US President Trump unveiled his reciprocal...