05/02/2025 Daily Reports
Gold Hits Record High Amid US-China Trade War Turmoil!
Gold Surges to All-Time High
- Gold soared past $2,858 per ounce as investors rushed to safe-haven assets amid escalating trade tensions.
US-China Trade War Fuels Uncertainty
- The US imposed a 10% tariff on Chinese imports, prompting a measured but concerning retaliation from Beijing.
Weaker US Dollar Adds Support
- A softer US dollar, following a disappointing jobs report, made gold more attractive to global buyers.
Geopolitical Tensions Intensify
- Trump’s proposal for US involvement in Gaza reconstruction added another layer of uncertainty to global markets.
Precious Metals See Mixed Reactions
- While gold surged, silver and palladium dipped slightly, and platinum edged higher as investors sought stability.
What’s Next?
- Gold’s rally highlights how market sentiment shifts quickly in times of uncertainty.
- While rate expectations and geopolitical risks will continue to shape price action, the long-term sustainability of this uptrend depends on whether inflationary pressures persist and how central banks respond.
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US Futures Steady as Traders Weigh Tariffs and Earnings; Dollar Weakens
- US futures remained stable as investors balanced the economic impact of tariffs with a strong earnings season.
- S&P 500 futures were little changed, while Nasdaq 100 contracts gained 0.2% following China’s mild response to US tariffs.
- The dollar weakened 0.3%, while bond yields climbed.
- Corporate earnings provided mixed signals. Palantir surged 20% premarket on strong AI-driven forecasts, while Pfizer rose after beating estimates.
- However, PayPal, Merck, PepsiCo, and Estée Lauder declined on weaker outlooks.
- Traders are now focused on Alphabet’s upcoming earnings and US factory data.
- In Europe, Stoxx 600 fluctuated, with UBS and Vodafone slipping, while BNP Paribas and Infineon gained.
- Commodities saw crude oil fall on weak demand concerns, while gold hovered near record highs.
