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Gold Extends Gains as Safe-haven Rush follows Trump's Tariffs

A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
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Gold Extends Gains as Safe-haven Rush follows Trump's Tariffs

A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)

Gold prices extended gains on Tuesday, driven by safe-haven demand as trade conflicts erupted after US President Donald Trump imposed new tariffs on top three trading partners of the world's biggest economy.

Spot gold rose 0.9% to $2,919.44 an ounce by 1154 GMT, up for a second straight session. Bullion has gained 10% so far this year and hit a record high of $2,956.15 on February 24.

US gold futures rose about 1% to $2,930.

Trump's new 25% tariffs on imports from Mexico and Canada took effect at 0501 GMT. He also doubled duties on Chinese goods to 20%. China hit back immediately with additional tariffs of 10%-15% on certain US imports from March 10 and a series of new export restrictions for designated US entities, Reuters reported.

"With Trump 2.0 delivering exactly the chaos he promised in the US election, Western investors are joining emerging-market central banks in buying gold as an all-weather hedge," said Adrian Ash, head of research at online marketplace BullionVault.

Traders now await the ADP employment report due on Wednesday and the US nonfarm payrolls report on Friday for clues on the Federal Reserve's interest-rate trajectory.

"Any indication of a slowdown in the US economy would support calls for more Fed rate cuts and support the gold price. We continue to look gold to re-test the highs over the coming weeks," UBS analyst Giovanni Staunovo said.

The US central bank held interest rates steady in its last meeting. It is expected to resume cutting rates in June and could reduce short-term borrowing costs again in September.

J.P.Morgan said it expects gold close to $3,000 an ounce by the fourth quarter of 2025.

Spot silver added 0.6% to $31.88 an ounce, platinum firmed 0.6% to $959 and palladium gained 1.2% to $949.18.

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Business

China Shipping Giant Cosco Resumes Bookings to Some Gulf Countries

A cargo ship operated by Cosco Shipping is docked at the foreign trade container terminal of Qingdao Port, operated by Shandong Port Group, in China's eastern Shandong province on March 25, 2026. (Photo by CN-STR / AFP)
A cargo ship operated by Cosco Shipping is docked at the foreign trade container terminal of Qingdao Port, operated by Shandong Port Group, in China's eastern Shandong province on March 25, 2026. (Photo by CN-STR / AFP)
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China Shipping Giant Cosco Resumes Bookings to Some Gulf Countries

A cargo ship operated by Cosco Shipping is docked at the foreign trade container terminal of Qingdao Port, operated by Shandong Port Group, in China's eastern Shandong province on March 25, 2026. (Photo by CN-STR / AFP)
A cargo ship operated by Cosco Shipping is docked at the foreign trade container terminal of Qingdao Port, operated by Shandong Port Group, in China's eastern Shandong province on March 25, 2026. (Photo by CN-STR / AFP)

Chinese shipping giant Cosco said on Wednesday that it was resuming new bookings for container shipments to some Gulf countries, after a three-week suspension in response to the Middle East war.

The state-owned, Shanghai-based firm was among several major shipping groups to pause operations in the Strait of Hormuz, a key waterway through which one-fifth of the world's oil and gas passes normally.

Tehran has said several times it was not targeting friendly nations, but transits through the Strait had nevertheless largely ground to a halt.

Iran said in a statement circulated by the International Maritime Organization on Tuesday that "non-hostile vessels" would be granted safe passage through the waterway.

Cosco "resumed new bookings for general cargo containers for shipments" from the "Far East" to the UAE, Saudi Arabia, Bahrain, Qatar, Kuwait, and Iraq "with immediate effect", according to a company statement.

It did not mention shipments travelling in the opposite direction, from the Gulf.

"New booking arrangements and the actual carriage are subject to change due to the volatile situation in the Middle East region," it added.

Cosco, which operates one of the world's largest oil tanker fleets, announced on March 4 that it would suspend new bookings for services for routes through the Strait of Hormuz owing to the "escalating conflicts in the Middle East region and resultant restrictions on maritime traffic".

Business

Qatar Emir Makes Minor Changes to QIA Board

People visit a mall in Doha on March 23, 2026. (Photo by AFP)
People visit a mall in Doha on March 23, 2026. (Photo by AFP)
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Qatar Emir Makes Minor Changes to QIA Board

People visit a mall in Doha on March 23, 2026. (Photo by AFP)
People visit a mall in Doha on March 23, 2026. (Photo by AFP)

Qatar's Emir Sheikh Tamim bin Hamad Al Thani issued a decree on Wednesday ⁠making minor changes to ⁠the board of the ⁠Qatar Investment Authority, while keeping Sheikh Bandar bin Mohammed bin Saud Al Thani as chairman and Sheikh ⁠Mohammed ⁠bin Hamad bin Khalifa Al Thani as deputy chairman.

The decision stipulated that QIA’s Board of Directors would be restructured as follows: Sheikh Bandar bin Mohammed bin Saud Al Thani as Chairman, Sheikh Mohammed bin Hamad bin Khalifa Al Thani as Deputy Chairman, Ali bin Ahmed Al Kuwari as a member, Saad bin Sherida Al Kaabi as a member, Sheikh Faisal bin Thani bin Faisal Al-Thani as a member, Nasser bin Ghanim Al Khelaifi as a member, and Hassan bin Abdullah Al Thawadi as a member.

The decision is effective starting from its date of issue and is to be published in the official gazette.

Business

Oil Falls More Than 5% and World Shares Gain Over Possible de-escalation of Iran War

A man fills his car with petrol at the petrol station in Port Dickson, Negri Sembilan, Malaysia, 25 March 2026. EPA/FAZRY ISMAIL
A man fills his car with petrol at the petrol station in Port Dickson, Negri Sembilan, Malaysia, 25 March 2026. EPA/FAZRY ISMAIL
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Oil Falls More Than 5% and World Shares Gain Over Possible de-escalation of Iran War

A man fills his car with petrol at the petrol station in Port Dickson, Negri Sembilan, Malaysia, 25 March 2026. EPA/FAZRY ISMAIL
A man fills his car with petrol at the petrol station in Port Dickson, Negri Sembilan, Malaysia, 25 March 2026. EPA/FAZRY ISMAIL

Oil prices fell more than 5% and world shares gained on Wednesday over the possibility of a de-escalation of the Iran war and negotiations between the United States and Iran. US futures were up 0.9%.

In early European trading, Britain's FTSE 100 rose 1% to 10,072.60. France's CAC 40 was up 1.4% to 7,855.31, while Germany's DAX was 1.6% higher at 22,989.80.

Tokyo’s Nikkei 225 was up 2.9% to 53,749.62. South Korea’s Kospi gained 1.6% to 5,642.21.

Hong Kong’s Hang Seng rose 1.1% to 25,335.95, while the Shanghai Composite index was 1.3% higher at 3,931.84. Labubu doll maker Pop Mart's Hong Kong-listed shares fell 22.5%, after it announced annual revenue for last year that was largely in line with analysts’ estimates.

Australia’s S&P/ASX 200 climbed 1.9%. Taiwan’s Taiex was up 2.5%.

US President Donald Trump's claims of progress being made from talks with Iran this week and his postponement on Monday of a deadline to “obliterate” Iran’s power plants over the reopening of the Strait of Hormuz have also fueled optimism that an end to the Iran war could come soon.

Trump's administration has offered a 15-point ceasefire plan to Iran, but an Iranian military spokesperson mocked the US’ attempt at a ceasefire deal Wednesday.

With the Strait of Hormuz being a key waterway for crude oil and liquefied natural gas transport, oil and gas prices have spiked and fluctuated in recent days.

Oil prices fell again on growing hopes for a de-escalation. Brent crude, the international standard, fell 5.2% to $94.97 per barrel. It was around $104 on Tuesday.

Benchmark US crude was down 5.3% early Wednesday to $87.44 a barrel.

While Iran has denied negotiations were taking place, and attacks in the Middle East continued, Pakistan has offered to host talks between Washington and Tehran. And as Trump raised optimism of a de-escalation of the war, at least 1,000 more American troops from the 82nd Airborne Division are said to be deployed to the Middle East in the coming days.

On Tuesday, US stocks closed lower. The S&P 500 lost 0.4% to 6,556.37. The Dow Jones Industrial Average edged down 0.2% to 46,124.06, while the Nasdaq composite was 0.8% lower to 21,761.89.

Shares of Estee Lauder sank more than 9%, following confirmation that the US-listed company is in merger talks with Spanish beauty and perfume group Puig.

In other dealings early Wednesday, gold prices resumed its rise after falling earlier. It dropped in part because of rising US Treasury yields over dimming expectations of a Federal Reserve rate cut after the spike in oil prices threatened to fuel global inflation.

The price of gold was up 3.6% early Wednesday to $4,561.90 per ounce. It was above $5,000 earlier this month.

The US dollar was at 158.84 Japanese yen, up from 158.69. The euro was trading at 1.1602, down from $1.1608.