Stocks, dollar surge as US and China agree 90-day tariff relief

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The Star 5d ago

Stocks, dollar surge as US and China agree 90-day tariff relief - The Star

Quick Summary:

NEW YORK/LONDON: Global shares rallied, while gold and safe-haven currencies slumped against a resurgent dollar on Monday as the U.S.and China agreed to temporarily slash harsh reciprocal tariffs and cooperate to avoid rupturing the global economy.

Spot gold prices, which hit an all-time high of $3,500 last month and often move inversely to the dollar, fell 2.7% to $3,234.8 an ounce.

On Monday, however, commodities traders rushed to reassess the recessionary risks of tariff uncertainty, with oil traders pricing Brent crude for delivery next month almost 1.9% higher at $65.10 a barrel, up from around $57 a week ago.