Gold rises again and the dollar falls due to Trump's tariffs
The Spanish stock market ignores the US administration's trade policies.
BarcelonaGold is back at record highs, with spot prices rising 1.2% to $5,163.60 per ounce and April futures reaching $5,184.90. This trend—which underscores the precious metal's role as a safe haven following Donald Trump's announcement of a 15% global tariff after the Supreme Court struck down his previous tariffs imposed without congressional approval on Friday—is coupled with a weakening dollar. The euro is trading around $1.1833. Meanwhile, the Spanish stock market began the week largely ignoring US President Donald Trump's pronouncements. The Ibex 35, the main index of the Spanish equity market, opened higher, driven primarily by banks thanks to a Deutsche Bank report that revised its price targets upward. At the start of trading, all financial institutions were showing gains.
There is more uncertainty in the rest of the European markets. The Euro Stoxx The 50, which tracks the largest European stocks by market capitalization, is trading in negative territory, as are US futures, which are down around 0.5%. In any case, analysts are urging calm, considering Trump's reaction to the Supreme Court's ruling last Friday to be mostly "noise." Given this situation, a wait-and-see approach prevails, since tariffs won't disappear overnight because they are a cornerstone of the US president's policy. Uncertainty has once again taken hold. The European Parliament is considering freezing the ratification of the US-EU trade agreement from last summer at an extraordinary meeting scheduled for this Monday. Washington is being urged to provide clarity. In this context, the President of the European Central Bank (ECB), Christine Lagarde, has insisted that it is "essential" to have certainty about the future of the trade relationship.
In any case, despite Trump's reaction, Asian stock markets experienced a positive first session of the week. South Korea's Kospi rose 0.65%, reaching a new all-time high. Hong Kong's Hang Seng rebounded more than 2% on a day when China and Japan were closed for a public holiday.
