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Gold prices reached a new high on Thursday(local time) after President Donald Trump’s declaration of new tariffs against most US trading partners.
Gold surged past its previous record around 2300 GMT, climbing above $3,150 an ounce as investors sought refuge in the precious metal amid declining stock market futures.
Gold trading continued its upward trajectory, reaching approximately $3,160 per ounce at 2345 GMT.
As of 0018 GMT, spot gold was up 0.4% at $3,145.93 an ounce, after hitting a record high of $3,167.57 earlier in the session.
Gold prices have risen nearly 20% since the start of 2025.
At the White House Rose Garden, Trump presented a chart detailing extensive measures, introducing particularly severe tariffs on major trading partners China and the European Union on what he termed “Liberation Day.”
Trump directed the most substantial penalties towards what he described as “nations that treat us badly,” implementing 34 %on Chinese goods, 20 %on European Union imports, and 24 %on Japanese products.
The presented chart indicated India’s 52 per cent tariffs “including currency manipulation and trade barriers,” against which the US would implement a “discounted reciprocal tariff” of 26 per cent.
Trump announced a “baseline” tariff of 10 %for remaining nations, including Britain.
Global financial markets experienced disruption following Trump’s announcement of comprehensive tariffs, particularly targeting China and the European Union, potentially compromising the economic statbility.
The US president revealed these measures after Wall Street’s closing bell, but the news still impacted open markets, pushing stock futures and bond yields lower, while gold prices achieved new records.
Later that evening, US futures declined, with the Dow Jones decreasing 2.4% at approximately 2345 GMT, Nasdaq dropping 4.2%, and S&P 500 futures falling 3.5%.
Trump’s recent trade announcements have consistently negatively affected Wall Street.
Technology companies relying on foreign-manufactured components experienced sharp declines, with Apple decreasing 7.4% after-hours, Nvidia falling 5.2%, and TSMC dropping 5.9%.
Futures markets typically demonstrate greater volatility compared to standard indices.
The clothing industry took a major hit, with Chinese products set for a 34% additional duty from April 9 and Vietnamese goods facing a new 46% “reciprocal” tariff.
Companies manufacturing in China or Vietnam experienced substantial declines, with Gap dropping 8.5 % after hours, Ralph Lauren declining 7.3%, and Nike falling 7.1%.
The dollar depreciated over one percent against the euro moments after Trump’s initial statement, while Bitcoin dropped over 3% in the evening after the announcements.

File picture of an electronic stock board showing Japan’s Nikkei index.
| Photo Credit: AP

Asian markets and U.S. futures tumbled Thursday (April 3, 2025) following U.S. President Donald Trump’s announcement of big increases in tariffs on imports of goods from around the world.

Tokyo’s Nikkei 225 index dipped more than 3.4%, but recovered slightly. It was down 2.9% at 34,699.52.

Mr. Trump said he was imposing a 24% “reciprocal tariff” on Japan, one of the United States’ closest allies.

Donald Trump’s ‘Liberation Day’ tariffs: Follow LIVE updates here

South Korea, also an ally, was hit with a 25% tariff. Its benchmark Kospi slumped 1.9% soon after the opening, to 2,459.30.

In Australia, the S&P/ASX 200 fell 1.8% to 7,793.10.

The future for the S&P 500 dropped 3% while that for the Dow Jones Industrial Average lost 2%, auguring potential losses when U.S. markets reopen on Thursday (April 3, 2025).

On Wednesday (April 2, 2025), U.S. stocks whipped through another dizzying day before Mr. Trump’s unveiling of his “Liberation Day” tariffs.

The S&P 500 rose 0.7% to 5,670.97 after careening between an earlier loss of 1.1% and a later gain of 1.1%. It’s had a pattern this week of opening with sharp drops only to finish the day higher.

The Dow Jones Industrial Average added 0.6% to 42,225.32, and the Nasdaq composite climbed 0.9% to 17,601.05.

Elon Musk’s Tesla helped knock the market around after initially falling more than 6% following a report that it delivered fewer electric vehicles in the first three months of the year than it did in last year’s first quarter. It closed 5.3% higher.

Tesla is one of Wall Street’s most influential stocks because of its immense size, and it’s faced backlash due to anger about CEO Elon Musk’s leading the U.S. government’s efforts to cut spending.

On Wall Street, Newsmax fell 77.5% in its third day of trading to give back some of the meteoric gains from its debut at the start of the week. It surged 735% Monday and then another 179% on Tuesday.

Several airlines, meanwhile, flew higher to recover some of the sharp losses taken recently on worries that tariff-weary customers will fly less. United Airlines climbed 4.6%.

Financial markets around the world have broadly been shaky lately because of uncertainty about Trump’s trade war. He has said he wants tariffs to make the global system more fair and to bring manufacturing jobs back to the United States from other countries. But tariffs also threaten to grind down growth for the U.S. and other economies, while worsening inflation when it may be stuck above the Federal Reserve’s 2% target.

After the U.S. market closed, Mr. Trump declared a 10% baseline tax on imports from all countries and higher tariff rates on dozens of nations that run trade surpluses with the United States. The president held up a chart while speaking at the White House, showing the United States would charge a 34% tax on imports from China, a 20% tax on imports from the European Union, and 32% on Taiwan.

Mr. Trump earlier announced 25% tariffs on auto imports; levies against China, Canada and Mexico; and expanded tariffs on steel and aluminium. Trump has also put tariffs against countries that import oil from Venezuela and plans separate import taxes on pharmaceutical drugs, lumber, copper and computer chips.

Treasury yields swung in the bond market, echoing the indecision seen in the stock market.

The yield on the 10-year Treasury fell as low as 4.11% in the morning from 4.17% late Tuesday (April 1, 2025) and from roughly 4.8% early this year. But it later rose to 4.18%. Higher yields can indicate higher expectations for the economy or for inflation

In other dealings early Thursday (April 3, 2025), U.S. benchmark crude plunged $2.08 to $69.63 per barrel. Brent crude, the international standard, gave up $2.06 to $72.89 per barrel.

The dollar fell to 148.07 Japanese yen from 149.28 yen. The euro rose to $1.0897 from $1.0855.

Asian markets and US stock futures tumbled on Thursday after Donald Trump unveiled a sweeping increase in tariffs on imports from across the globe, escalating trade tensions and sending investors into a frenzy.
Tokyo’s Nikkei 225 index dropped more than 3.4 per cent before a slight recovery, closing 2.9 per cent lower at 34,699.52. South Korea’s Kospi also slumped, losing 1.9 per cent to 2,459.30 after the US imposed a 25 per cent tariff on South Korean imports.
Australia’s S&P/ASX 200 slid 1.8 per cent to 7,793.10, while US futures hinted at steep losses ahead. The S&P 500 futures contract fell 3 per cent, and Dow Jones Industrial Average futures dropped 2 per cent, setting the stage for a volatile session when Wall Street reopens.
“Liberation Day” tariffs
US President Trump’s tariff announcement, which he called “liberation day” measures, included a 24 per cent “reciprocal tariff” on Japan, one of America’s closest allies, along with new levies on China, the European Union, Canada, and Mexico. Speaking at the White House, Trump showed off a chart outlining new import taxes, including a 34 tariff on Chinese goods, 20 per cent on the EU, and 32 per cent on Taiwan.
He justified the move as an effort to “bring fairness” to global trade and revive US manufacturing jobs. However, analysts warn the tariffs could stifle economic growth and push inflation higher at a time when the Federal Reserve is struggling to keep it under control.
Wall Street
Before the tariff announcement, US markets saw another turbulent session with the S&P 500 climbing 0.7 per cent to 5,670.97 after oscillating between a 1.1 per cent loss and a 1.1 per cent gain.
The Dow Jones Industrial Average rose 0.6 per cent to 42,225.32, while the tech-heavy Nasdaq advanced 0.9 per cent to 17,601.05.
Tesla dropped over 6 per cent on weak first-quarter deliveries but later recovered. However, it rebounded to close 5.3 per cent higher. CEO Elon Musk faced backlash over his involvement in the US government’s aggressive cost-cutting policies.
Meanwhile, Newsmax, which soared 735 per cent on its debut earlier in the week, plummeted 77.5 per cent on Wednesday, giving back some of its major gains.
Airline stocks recovered from recent tariff-related losses, with United Airlines climbing 4.6 per cent.
The bond market reflected the nervousness in equities. The yield on the 10-year US Treasury note swung between 4.11 per cent and 4.18 per cent, reflecting uncertainty over economic growth and inflation.
Oil prices tumbled in early trading on Thursday. US benchmark crude dropped $2.08 to $69.63 per barrel, while Brent crude fell $2.06 to $72.89 per barrel, as per AP.
In currency markets, US dollar weakened against the Japanese yen, slipping to 148.07 from 149.28. Euro, on the other hand, strengthened slightly, rising to $1.0897 from $1.0855.

NEW DELHI: If Shalimar Bagh, the middle-class locality in North Delhi, has given Delhi its fourth woman chief minister Rekha Gupta, it is also home to Poonam Gupta, who has been appointed as Reserve Bank of India‘s fourth woman deputy governor (DG).
Late Tuesday, govt named economist Poonam Gupta as the new deputy governor of the central bank, filling up the post that had been lying vacant after Michael Patra’s term ended two-and-a-half months ago. Her appointment, with a term of three years, comes on the eve of the monetary policy meeting next week.
She is currently director general of think tank National Council for Applied Economic Research (NCAER) and is also a part-time member of the Economic Advisory Council to the Prime Minister, apart from being the convenor of the Advisory Council to the 16th Finance Commission.
Gupta earned a master’s degree from the Delhi School of Economics, before completing a doctorate from the University of Maryland, where Arvind Panagariya was her advisor. She is married to economist Deepak Mishra, director and CEO of think tank ICRIER.
Known to speak her mind, in a paper co-authored with Barry Eichengreen, she argued that RBI’s flexible monetary policy framework had helped manage inflation and called for keeping headline inflation as the target, amid suggestions that core inflation (excluding food and fuel) should be the focus.
In a recent paper, she also highlighted how just four states – Gujarat, Odisha, West Bengal and Maharashtra – have managed to lower the debt to gross state domestic product ratio and called for setting up fiscal councils at the state level.
Her appointment marks the return of a woman as DG after 14 years. Of the 65 deputy governors since 1935, only K J Udeshi, Shyamala Gopinath and Usha Thorat were women.