Global stock markets rose Tuesday as investors awaited President Trump’s planned “Liberation Day” tariff announcement on April 2, while gold climbed to a fresh record high of $3,148.88 per ounce.
Safe-haven assets strengthened: Treasury yields fell, and both the Japanese yen and Swiss franc held their ground. In Europe, equities were up about 0.9% by midday, led by gains in the pharmaceutical and technology sectors.
The U.S. Trade Representative published a detailed report on foreign trade barriers, though the connection between that report and the president’s tariff intentions remains unclear. According to reporting in The Washington Post, White House advisers have drafted a proposal that could impose roughly 20% tariffs on a broad range of imports into the United States.
Market volatility has increased notably in recent sessions. Analysts caution that although U.S. markets have largely adjusted to expectations of slower growth, they may not have fully priced in the risk of a recession, which could push equities down by another 10% or more.
Gold’s record run reflects a mix of growing risk aversion among investors and concern that aggressive trade measures could weaken confidence in the dollar’s role as the world’s primary reserve currency. These dynamics are prompting many market participants to seek protection in precious metals and other traditional safe havens.