Singapore: On Monday, gold prices surged to an all-time high as the dollar plummeted to its lowest point in three years, raising concerns about a potential recession amid escalating trade tensions between the United States and its major trading partners.
Spot gold rose by 1 percent, reaching $3,361.53 per ounce, while US gold futures increased by 1.4 percent to $3,375.90.
In the precious metals market, spot silver saw a slight increase of 0.1 percent to $32.63 an ounce, platinum edged up by 0.2 percent to $969.20, whereas palladium experienced a decline of 0.3 percent, settling at $959.20.
With many markets still closed for the Easter holiday, trading activity was subdued ahead of a week filled with crucial data expected to shed light on the repercussions of the US president's trade policies.
Several countries are actively negotiating with Washington to mitigate the impact of the administration's tariffs, with Japan being the most notable economy involved, while US Vice President JD Vance arrived in India on Monday for discussions.
South Korea's finance and trade ministers are scheduled to engage in high-level trade negotiations in Washington this week, according to Seoul.
Conversely, China cautioned nations on Monday against pursuing agreements that would undermine its interests.
While most countries face a blanket 10 percent tariff, China is subjected to tariffs as high as 145 percent on numerous products. In retaliation, Beijing has imposed duties of 125 percent on American goods.
"Appeasement will not lead to peace, and compromise will not be honored," stated a spokesperson from the commerce ministry.
"To prioritize one's own temporary interests at the expense of others is akin to seeking the skin of a tiger," warned Beijing.
This strategy, it cautioned, "will ultimately backfire and harm all parties involved."
Top Chinese diplomat Wang Yi also emphasized on Monday the need for "openness, inclusiveness, mutual benefit, and win-win" solutions, condemning "any form of unilateralism and trade protectionism."
These comments followed President Trump's announcement on Thursday that the United States was in discussions with China regarding tariffs, expressing optimism that the two largest economies could reach an agreement to resolve the ongoing trade conflict.
"Yes, we are in talks with China," he stated. "I believe they have reached out multiple times." "I am confident we will secure a favorable deal with China."
Nevertheless, this month, Washington ended a duty-free exemption for small packages from China, a move seemingly aimed at targeting low-cost online retailers like Temu and Shein.
Global shipping leader DHL announced it will "temporarily" halt the delivery of parcels valued over $800 from businesses to individuals in the United States starting Monday.