President Trump plans to present a broad set of new tariffs on April 2nd, on a day he has called the "Liberation Day" for the USA. The uncertainty surrounding this event is fueling today’s sell-off in the stock market and gains in gold.
Gold is up +1.23%, reaching $3120 per ounce, as financial market uncertainty hits record levels. Today’s gains are not limited to gold—other precious metals are also rising, including silver (+0.10%), palladium (+0.66%), and platinum (+1.10%). Market uncertainty is also being driven by a record-low level of consumer sentiment in the US, now comparable to levels seen during the 2008 financial crisis. Additionally, the latest PCE inflation data came in higher than expected. This mix has led investors back to selling stocks and fleeing to safe-haven assets.
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Create account Try a demo Download mobile app Download mobile appGold is even entering a parabolic growth phase, breaking through the $3100 per ounce barrier today. Gold prices are now approaching the upper boundary of the upward channel, which has repeatedly served as an effective profit-taking area. Source: xStation 5
Today’s market volatility after the weekend may stem from interviews given by Donald Trump. On Sunday, he told reporters aboard Air Force One that the new retaliatory tariffs he will announce this week will apply to all countries, not just a selected group. According to reports, Trump is pressuring his advisors to take a more aggressive approach to tariffs, preparing for an escalation of the global trade war. Additionally, the day before on Saturday, Trump said he would consider imposing "secondary tariffs" on Russian oil if Russia hinders the establishment of peace in Ukraine. These tariffs would punish those who buy Russian oil by limiting their access to US markets or imposing tariffs of up to 50%.
The risk of escalation in the oil conflict is supporting OIL.WIT prices today (+1.00%).
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