Gold is on a record-breaking run, but this surge is flashing warning signs—stagflation fears, tariff turmoil, and a tumbling dollar. Meanwhile, Bitcoin, often dubbed “digital gold,” is climbing as investors seek refuge amid global economic uncertainty.
Tensions spiked after Trump’s April 2 announcement of “reciprocal tariffs,” shaking up dozens of trade partnerships. While a few countries caught temporary reprieves, the U.S. has ramped up its economic confrontation with China, sending shockwaves through the markets.
Gold soared to $3,399 as the dollar plunged. Spot gold jumped over 2% to a historic $3,389/oz early Monday, while U.S. gold futures reached $3,399. The rally is being driven by mounting global anxiety and a rapidly weakening dollar. The dollar index (DXY) sank to a three-year low, boosting gold’s appeal for investors in other currencies.
Elsewhere in precious metals, spot silver edged up 0.3% to $32.66 an ounce, platinum rose 0.3% to $969.68, and palladium dipped 0.3% to $959.43. With markets now heavily pricing in geopolitical risks, Trump’s tariffs, slowing growth, and central bank gold buying are combining to create a near-perfect storm for bullion.
Gold has hit an all-time high for the 55th time in just 12 months—and now Bitcoin is joining the rally. For the first time in years, the narratives behind both assets are aligning, pointing to rising concerns over a weakening U.S. dollar and growing global uncertainty.
President Trump’s recent unveiling of a “non-tariff cheating” list has given gold a major boost, pushing it toward the $3,400/oz mark for the first time in history. Since the pandemic began, gold has outpaced the S&P 500—surging 100% compared to the index’s 86% gain.
Bitcoin rebounds as Wall Street stumbles
While traditional markets falter, digital assets are seeing renewed momentum. The crypto market rose more than 3% in the last 24 hours, bringing its total market cap to $2.76 trillion with $67 billion in trading volume. According to CoinGlass, over 90,000 traders were liquidated in the past day, with total liquidations from long and short positions hitting $204 million. The largest single liquidation order—a $2.75 million BTC/USD position—occurred on Bybit.
Bitcoin has clawed back upward momentum over the past week, rising 3% to trade at an average price of $87,426. However, it’s still nearly 20% below its all-time high of $109,000.
U.S. stock market futures opened lower following the 3-day Easter break, with no new trade deals in sight. President Trump doubled down on his tariff strategy, dismissing critics as “bad at business.” Meanwhile, China has warned nations not to strike side deals with the U.S. at its expense, as 78 days remain in the current “reciprocal tariff” pause.
In the background, China continues to quietly stockpile gold. Its central bank added another 5 tonnes in March, marking its fifth consecutive monthly purchase. China’s total gold reserves have now climbed to a record 2,292 tonnes—representing 6.5% of its official reserve assets.
