Gold surged to a record high, even as stock markets remained muted amid investor concerns over the potential effects of President Donald Trump’s new tariffs.
Oil prices held on to a strong rebound, with Brent crude trading above $76 per barrel.
Meanwhile, retaliatory Chinese tariffs on U.S. energy and certain other goods took effect on Monday. Despite this, as investors speculated on a possible deal, the Hang Seng index reached its highest level in four months. Although the index was down about 0.4%, it has gained over 12% in the past month, driven by enthusiasm for artificial intelligence and semiconductor stocks.
Mainland Chinese stock indexes experienced only a slight decline.
On Wall Street, the major indexes closed higher on Monday, boosted by gains in Nvidia and other AI-related companies. Additionally, steelmakers surged after President Trump indicated that he would impose further tariffs on steel and aluminum imports.
The S&P 500 climbed 0.7% to finish at 6,066.44 points, the Nasdaq rose 1% to 19,714.27 points, and the Dow Jones Industrial Average increased 0.4% to 44,470.41 points.
The bond market also remained relatively stable, with U.S. Treasury yields moving only modestly following Trump’s tariff remarks. The yield on the benchmark 10-year U.S. Treasury note held steady at 4.50%, consistent with late Friday’s levels.
