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Gold falls 1% as traders focus on the payroll data and tariff risk
The gold price fell 1% on Friday, as investors digested the latest tariffs from U.S. president Donald Trump. Investors then turned their attention to the U.S. Non-farm Payrolls Report for clarification on the Federal Reserve’s monetary policies. As of 0901 GMT, spot gold was down by 0.9%, at $3,086.32 per ounce. However, it was still on course for its fifth consecutive weekly gain. U.S. Gold Futures declined 0.4% to $3,107.70. Gold hit a new record at $3167.57 in the previous session before falling more than 2% shortly after. This was due to a wider sell-off caused by Trump's tariffs on imports. It appears that a combination of profit-taking, and the markets are partially responsible for the tariffs announced. Zain Vawda is a market analyst for MarketPulse. He said that a growing consensus amongst analysts in the industry suggests that some countries may be willing to negotiate lower tariffs. This could also be holding back gold's current momentum. Trump announced that he would impose an initial 10% tariff on all imports into the U.S., and increased duties on some of America's largest trading partners. Nitesh Sha, the head of macroeconomic and commodities research for Europe at Wisdom Tree, said that gold could be closer to $3.600 in the first quarter 2026. The non-farm payrolls report for the United States is due at 12:30 GMT. Fed Chair Jerome Powell will also be speaking later that day. The NFP jobs report and Fed Chair Jerome Powell’s speech could determine a potential gold recovery. Market analysts are increasingly speculating Powell could strike a more dovish tonality, which would provide support for the markets. Fed Governor Lisa Cook stated that the Fed could take its time to evaluate a highly unsettling environment before moving rates. Gold is a good hedge against inflation and geopolitical unrest, but higher interest rates may dampen its appeal. Spot silver fell 1.6% to $31.38 per ounce, and is headed for its worst weekly performance since December 2023. Palladium fell 0.2% and platinum 1.4%, both headed towards a weekly loss.
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Russian rouble barely changed amid forex turmoil
The Russian rouble was not much changed on Friday against the U.S. Dollar and China's Yuan, amid turmoil in global forex markets due to U.S. president Donald Trump's tariffs that triggered a crash in global financial markets. The rouble had remained flat on the OTC market at 84.20 USD by 0910 GMT. The Russian currency has gained about 25% this year against the dollar, mainly on expectations that geopolitical tensions will ease. Following the announcement of tariffs, the dollar index, which measures the currency in relation to a basket of six other major currencies, fell by 1.9% on 2 April, its worst day since 2022. Analysts at BCS Express said that the rouble is immune to global currency fluctuations. "Barriers to cross-border capital flow limit international speculators, while sanctions have cut Russia-U.S. Trade to its lowest level since 1992." The exchange rate of the rouble is therefore not sensitive," they said. The rouble didn't react to the 2% drop in oil prices Friday, as Russia's primary export commodity was set for its worst week in many months due to concerns about the global trade conflict. The rouble also remained flat on the Moscow Stock Exchange at 11,58 against the Chinese Yuan, which is the most commonly traded foreign currency in Russia. (Reporting and editing by Gareth Jones.)
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Gazprom is looking for workers to work on the vast Ust-Luga Gas Complex
RusKhimAlyans is a subsidiary owned by Gazprom. It has announced job openings for its new complex of gas processing in the Baltic Sea Port of Ust-Luga. This was a signal of confidence that the plant would start operating despite the sanctions. Gazprom has a strategy of shifting its focus from production to processing. The complex will include a gas chemical and processing complex. The plant is designed to be able to process 45 billion cubic meters of natural gas per year, as well as 13 million metric tonnes of liquefied gas. It can also produce 3.6 million tones of ethane, and up to 180,000 tons of liquid petroleum gas. This would make it the largest gas processing facility in Russia and among the largest in terms production volume. After the beginning of the Ukrainian war in 2022, Western partners such as Linde, a company that specializes in industrial gases and engineering, abandoned the project, the start of operations was delayed. RusKhimAlyans is embroiled in a legal battle with these companies. They claim billions of dollars as damages. A website for staff recruitment states that the company currently has 170 vacancies. These include a LNG contract manager as well as a logistics specialist and a paperwork expert. Construction of the complex began in 2021. According to Russian government documents the first line for the gas processing plant is scheduled to begin operations in 2026. Russia wants to increase its share in the global LNG market from around a fifth to around a quarter by 2030-2035. However, Western sanctions imposed as a result of the war in Ukraine have complicated this ambition. The United States has imposed sanctions on certain companies that are involved in the development of Ust Luga Liquified Natural Gas Terminal. The United States has included RusKhimAlyans on the list of "Specially Designated Nationals", which blocks the assets and prevents U.S. citizen from dealing with them. (Reporting and editing by Barbara Lewis; Vladimir Soldatkin)
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After a dry spell, conditions for French crops improve slightly
The conditions of French soft wheat have improved in the week ending March 31. According to FranceAgriMer, the farm office said that the recent dry weather has helped the crops in many areas of the country. Heavy rains in France have delayed planting and stunted early growth. This has raised fears that the harvest will be smaller than last year, when heavy rains caused the crop to be hit by the worst rains since the 1980s. The ratings of soft wheat showed that by March 31 in France, which is the largest producer of soft grain in the European Union (76% were in excellent or good condition, up from 74% one week earlier, and higher than the four-year low of 65% at the same point last year. FranceAgriMer said that 71% of the winter barley was in excellent or good condition. This is up from 70% one week ago, but down from 66% during the same week in 2024. Durum wheat was in very good to good condition 81%, up from 80% one week ago. FranceAgriMer's first estimate of spring barley showed 86% in excellent or good condition, compared to 61% the year before. Reporting by Anna Peverieri in Gdansk, and Alban Kach in Paris. Editing by Jan Harvey & David Goodman.
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Vietnam will impose temporary antidumping tariffs on steel imported from China and South Korea
A statement from the trade ministry dated April 1 revealed that Vietnam would impose a temporary antidumping levy up to 37,13 % on certain galvanised products from China and up to 15,67 % for some South Korean products. Statement: The tariffs are effective from 16 April and will be in effect for 120 days. The rate of 37.13% will apply to all Chinese steel producers, including the industry leader Baoshan Iron & Steel. According to a statement, however, Yieh Phui and Boxing Hengrui New Material will be exempted. The statement stated that South Korea's Hyundai Steel would face a tariff of 13.7%. Other South Korean steel producers will be charged a 15.67% tax, except for POSCO, KG Dongbu Steel and Dongkuk Coated Metal. This follows the late-February push for tariffs by Vietnam's Steel Association, which cited pressure on domestic steel industries from imports of galvanised steel from China and South Korea. Vietnam imposed temporary anti-dumping duties ranging between 19,38% and 27,83% in February on certain hot-rolled steel from China. These duties are effective as of March 7. The U.S. announced on Wednesday a tariff of 46% on imports coming from Vietnam. The U.S. decision is unclear as to how it will affect Vietnam's iron and steel industry. The U.S. has imposed 25% tariffs since March 4, and previously, it imposed antidumping duties of up to 25% on many Vietnamese steel products and producers. (Reporting and editing by John Mair, Christopher Cushing and Phuong Nguyen)
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Asia Gold demand rises in China due to trade war fears driving safe-haven purchases
The demand for gold increased in China this week, as the trade war fears prompted safe-haven purchases. However, customers in India resisted making any purchases because they expected a drop in price. Dealers in the top consumer China charged premiums between $6 and $13 per ounce above global benchmark spot price, compared to a discount of 4 dollars and a premium 1 dollar last week. Independent analyst Ross Norman stated, "I believe this reflects the fact that we're in a two-way market. On the one hand, pervasive uncertainties are attracting new investors and on the other are others who are heading for the exit in order to capture record prices." We hear that freshly-minted bars are doing brisk business. Central banks are expected continue to buy gold in 2018 due to the risks posed by Donald Trump's policies. Trump announced his long-awaited plan for tariffs on Wednesday. The plan included a minimum 10% tariff on the majority of goods imported to the United States as well as significantly higher duties on products from dozens countries. This week, Indian dealers offered a discount Up to $20 per ounce discount over official domestic prices. This includes 6% import taxes and 3% sales tax. Last week, the discount was up to $33. The constant price fluctuations are putting buyers off. "They're holding back and waiting for things settle down," said an Indian bullion dealer working with a private banking. On Friday, the domestic gold price was trading at around 89.700 rupees for 10 grams, after reaching a record high 91.696 rupees in the previous session. Prices have risen by nearly 15% in 2025. "Discounts have been shrinking in recent months due to lower imports." "On Friday, the discounts were just $2 after a dramatic overnight price correction," stated another Mumbai-based gold dealer. In Hong Kong, gold In Singapore, the price was $2 higher than par. Dealers charged a premium that ranged from $2 to par. In Japan, bullion The price was flat at a premium of $0.5 A Tokyo-based trader said: "We saw some sellers selling to make profits, but when prices dropped, some buyers came in."
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London copper suffers its biggest weekly loss for nearly five months due to US tariff issues
After U.S. president Donald Trump announced an extensive set of tariffs that dampened the outlook for global metal demand, copper prices in London dropped on Friday. The London Metal Exchange's three-month copper contract fell 1.57%, to $9.219 per ton at 0708 GMT. The contract has seen its largest weekly decline since early November. It is down 5.93%. ANZ analysts wrote in a report that the prospect of a trade war around the world and a weaker economy should continue to put downward pressure on commodities markets. ANZ warned that these concerns would worsen if the countries impacted retaliated with their own tariffs, resulting in a global war of trade. Trump announced a set of tariffs which were particularly harsh on China and other major trading partners. Beijing announced on Thursday that it would take countermeasures against the new tariff of 34%. This will bring the total to 54%. The White House did not include copper. For this metal, the U.S. Administration is conducting a separate investigation into possible new tariffs. The reciprocal tariffs will not apply to certain minerals not available in the U.S. The exclusions included zinc and tin. ING analysts said that despite the fact that base metals are exempt from the new tariffs, the concern about how the latest levies will affect the demand for raw materials has weighed on the sentiment. Other metals include LME aluminium, which fell 0.8%, to $2,428.5 per ton. Lead was down by 0.74%, to $1,941, while zinc fell 1.33% to $2,677.5. Tin was down 0.63% to $37,100, and nickel was up 0.24% to $15,695 per ton. China's financial market is closed for the public holiday on Friday. Trading will resume Monday, April 7. Click or to see the top news stories about metals, and other topics (Reporting and editing by Eileen Soreng & Christopher Cushing).
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Japan's ruling coalition agrees to reduce gasoline prices starting in June
A DPP legislator said that the ruling coalition in Japan and the opposition Democratic Party for the People have agreed to lower gasoline prices. This will help consumers avoid the wider economic impact of U.S. Tariffs. After a meeting, Kazuya Shiimba, DPP, told reporters that the secretary-generals from Prime Minister Shigeru Shiba's Liberal Democratic Party, junior coalition partner Komeito and DPP had agreed to implement these measures by June. Shimba didn't specify what steps the government would be taking. According to Japanese media, Hiroshi Muriyama, the secretary-general of LDP, said separately that these steps would be implemented until March next year. They could also be funded without a supplementary funding budget. Shigeru Shiba, the Japanese prime minister, has pledged to assist domestic industry in dealing with the fallout of President Donald Trump's new tariffs. These include a 25% tax on auto imports as well as a 24% reciprocal tariff on Japanese goods. Ishiba, who spoke to the parliament on Friday, said: "This situation could be described as a national emergency." "I think it's important to respond and consider it non-partisanly, not just the government, but the ruling parties and the opposition as well."
Stocks and the US dollar fall as Trump tariffs fuel concerns about economic growth
The S&P 500 index fell more than 4% on Thursday morning in New York, while the U.S. Dollar and oil prices were also down as Donald Trump's U.S. tariffs caused investors to flee for safe havens like bonds and yen.
The new 10% baseline tariff on imported products, plus the eye-watering tariffs that Trump imposed on dozens countries he claimed had unfair trade barriers, left traders frightened by their severity.
Investors are concerned that a full-blown dispute over trade could lead to a global economic slowdown, and even inflation. The latest round of U.S. tariffs has hit a world economy still recovering from the inflation spike after the pandemic and dealing with geopolitical tensions.
The euro rose by more than 2% versus the dollar. The dollar fell 2.51% against the Japanese yen to 145.49.
Nigel Green is the CEO of deVere Group, a global financial advisory firm. He said: "This is what you do when you claim to supercharge the economic engine of the world."
Nasdaq shares were down by more than 5% on the day, and technology stocks were among the biggest drags.
Apple's stock fell by 8.5% due to tariffs on China, where it manufactures most of its products. Amazon.com fell 7.8%, Microsoft was down 2% and Nvidia was down 5.1%.
As worries have grown, the losses are a continuation of the trillions that were lost by "Magnificent Seven", tech giants.
The Dow Jones Industrial Average dropped 1,489.79, or 3.53 %, to 40735.53, while the S&P 500 fell 228.84, or 4.04 %, to 5,442.13, and the Nasdaq Composite declined 915.44, or 5.20 %, to 16,685.64.
The MSCI index of global stocks fell by 23.68 points or 2.83% to 812.43.
RECIPROCAL LEVY
The 27-country EU block in Europe now faces a reciprocal 20% levy. The pan-European STOXX 600 Index was down by 2.59%.
Trump's tariffs were particularly harsh on Asia. China received a reciprocal tariff of 34%, Japan was hit by 24%, South Korea with 25%, and Vietnam with 46%.
In response, Vietnamese stocks fell 6.7%. The Nikkei 225 index fell 2.8%.
Pham Minh Chinh, Vietnam's Premier
Pledged to
Maintain the country's target for economic growth of at least 8 percent this year despite the U.S. imposition of its heavy tariffs on Southeast Asia's exports.
The rush to buy ultra-safe government securities that guarantee a steady income has pushed down U.S. Treasury rates. The yield of the benchmark 10-year U.S. notes dropped 17.8 basis points, to 4,017% from 4,195% at late Wednesday.
The yields on government bonds in the Eurozone fell. Germany's 10-year bond, which is the benchmark for the region, dropped 7.5 basis points to 2.65% after reaching 2.625%. This was its lowest level since March 4.
If tariffs cause recessions, the central banks of the world will likely lower interest rates. This is good for bonds.
Fitch, a credit rating agency, warned that they could be a game-changer for the U.S. economy and global economies. Deutsche Bank said it was a moment "once in a life time" which could reduce U.S. economic growth by between 1%-1.5% this year.
Olu Sonola, Fitch's director of U.S. Economic Research, said that many countries would likely be in a state of recession. If this tariff rate is maintained for a long time, you can forget about most forecasts.
Fitch downgraded China’s credit rating shortly after, citing steep U.S. Tariffs as the reason.
The oil prices fell by more than 6%. U.S. crude was down 7.07% to $66.64 per barrel while Brent, at $70.06 a barrel, was down 6.55% for the day.
Gold reached a record-high above $3,160 per ounce but then lost steam as the Japanese yen rose. Spot gold dropped 1.23%, to $3094.14 per ounce.
(source: Reuters)