Gold Price Soars Over 3%, Bitcoin Zooms 7% After Trump's 90-Day Tariff Reprieve
Spot gold was trading 3.26% higher at $3,079.5 per troy ounce, whereas Bitcoin rose 7.26% to $81,817.05.
Gold prices shot up by more than 3%, whereas Bitcoin, the world's largest traded cryptocurrency, zoomed over 7% after US President Donald Trump authorised a 90-day pause on reciprocal tariffs.
Spot gold was trading 3.26% higher at $3,079.5 per troy ounce at 12:37 am (IST), whereas the metal's futures on the Commodities Exchange Inc. rose 3.17% to $3,085.1 an ounce.
Bitcoin, which erased nearly all of its post-US presidential election gains due to the slump seen over the past few days, rose sharply by 7.26% to $81,817.05 apiece.
An upturn was also seen in the oil market, with global crude benchmark Brent rising 4.2% to $65.44 per barrel. The US West Texas Intermediate rose 4.5% to $62.27 a barrel.
The US equity markets sharply rebounded as well, with Nasdaq 100 soaring by more than 10%, marking its biggest single-day gain since 2008.
The Dow Jones Industrial Average marked its biggest jump since 2020, rising by 2,423 points, or 6.4%. The S&P 500 also zoomed by 7.6%, marking its sharpest single-day climb in about five years.
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Wall Street Today: S&P 500, Dow Jones Spike After Donald Trump Announces 90-Day Pause On Tariffs
The jump in equity and commodity markets came after US President Donald Trump announced a 90-day pause on tariffs on non-retaliating trade partners.
During this interim period, his administration would charge a 10% tariff on imports, instead of the higher reciprocal levies announced by him last week.
"Based on the fact that more than 75 countries have called Representatives of the United States...to negotiate a solution...and that these countries have not, at my strong suggestion, retaliated in any way, shape, or form against the United States, I have authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately (sic)," Trump posted on Truth Social.
Even as Trump offered relief from tariffs to over 75 countries, he raised the import duties to a massive 125% from 104% on Asian economic rival China. This came hours after China retaliated against the US by announcing additional 50% tariffs, taking the overall levies on American imports to 84%.
