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Oil Prices Rise as U.S. Strikes on Iran Raise Strait of Hormuz Supply Fears 
Nikkei Plunges 5% as AI Stock Selloff Spreads Across Asia 
Asian Currencies Stay Rangebound as Middle East Tensions, Weak China GDP Weigh on Sentiment 
Oil Prices Climb as Trump Escalates Iran Pressure, Strait of Hormuz Risks Grow 
U.S. Imposes 25% Tariff on Select Brazilian Imports After Section 301 Trade Investigation 
Asian Currencies Hold Steady as Middle East Tensions Offset Weaker US Dollar 
Asian Stocks Rise as Softer U.S. Inflation Boosts Sentiment Despite Middle East Tensions 
IEA Warns China Rare Earth Export Curbs Could Threaten $6.5 Trillion in Global Production 
Gold prices soared to an unprecedented level above $4,100 per ounce in Asian trading on Tuesday, driven by renewed geopolitical tensions between the United States and China. Investors turned to safe-haven assets amid escalating uncertainty in global markets, pushing both gold and silver to fresh record highs.
Spot gold climbed 1.3% to $4,164.80 per ounce by 00:17 ET (04:17 GMT), after briefly touching an all-time high of $4,169.66 earlier in the session. U.S. gold futures followed suit, advancing 1% to $4,175.92.
The rally came after former U.S. President Donald Trump announced plans to impose a 10% tariff on Chinese imports, retaliating against Beijing’s restrictions on critical mineral exports used in electronics and defense manufacturing. However, Trump later softened his tone, assuring on social media that the U.S. “was not seeking any harm to China.”
Despite the initial tension, signs of potential diplomacy emerged. Treasury Secretary Scott Bessent confirmed that a meeting between Trump and Chinese President Xi Jinping is still scheduled later this month in South Korea. Meanwhile, China’s Ministry of Commerce stated that working-level discussions with U.S. counterparts are ongoing, though it vowed to “fight till the end” against what it described as unfair measures.
The combination of conflicting political signals and a weakening U.S. dollar further boosted bullion demand. Analysts noted that the uncertainty surrounding trade relations and economic stability continues to drive investors toward precious metals.
Silver also surged 2% to $53.47 per ounce, reaching a new record high, while platinum futures gained 1.2% to $1,704.55. With market volatility likely to persist, analysts expect gold to remain a top safe-haven asset in the near term.
