Global shares rise, gold hits record as markets await tariffs

Global shares edged higher in choppy trading, while safe-haven gold soared to a record peak as markets awaited details of U.S. President Donald Trump's reciprocal tariffs.

Investors are nervously awaiting April 2, which Trump has dubbed "Liberation Day," when he has promised to unveil a massive reciprocal tariff plan. The Office of the U.S. Trade Representative released its annual report on foreign trade barriers, but it was unclear how the 397-page report would impact Trump's reciprocal tariff plans.

On Wall Street, all three indexes were trading higher after losing ground earlier in the session, with gains in consumer discretionary, communication services, consumer staples, and technology stocks being offset by losses in healthcare and financial equities.

President Trump's recent trade policies, particularly the announcement of new tariffs on imports, have introduced significant uncertainty into global markets. This uncertainty has been more disruptive than the tariffs themselves, as investors and businesses struggle to anticipate the economic landscape amidst shifting trade dynamics.

In March 2025, U.S. factory activity contracted, with the Institute for Supply Management's manufacturing index falling to 49 from 50.3 in February. This decline was attributed to reduced demand and hiring plans, as companies faced challenges stemming from trade policy uncertainties. Stock markets also reacted negatively, with the S&P 500 experiencing a nearly 5% drop, reflecting diminished investor and consumer confidence.

The announcement of tariffs, referred to as "Liberation Day," has further exacerbated market volatility.

Financial analysts express concern over the potential negative economic impact of these tariffs. Goldman Sachs has raised the probability of a recession to 35% in the next year, citing the administration's willingness to accept short-term economic weakness.