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Gold Soars, Tech Futures Tumble as U.S. Hits China With Higher Tariffs
Gold Soars, Tech Futures Tumble as U.S. Hits China With Higher Tariffs
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Global markets are again under pressure following an escalation in U.S.–China trade tensions. Investors are fleeing to safe havens, and tech stocks are taking a beating. Gold surged over 2% on Wednesday to top $3,300 per ounce and set a new record high. The dollar weakened further, and Nasdaq futures pointed to a rough day ahead for Wall Street. The White House announced tariffs of up to 245% on Chinese imports in response to China’s retaliatory measures and bans on exports of key strategic materials, including rare earth elements, gallium, and germanium used in the production of high-speed computer chips. Markets reacted swiftly, with the Dollar Index (DXY) falling back.
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