Today's Edition
HONG KONG (AFP)
Gold prices hit a fresh record Monday while the dollar weakened further and stocks were mixed amid worries about US President Donald Trump's tariffs and row with the Federal Reserve.
With several markets still closed for the Easter holiday, business was limited ahead of a week that will see the release of key data that should give an insight into the impact of the Trump's tariffs.
Several nations have moved to cut a deal with Washington to stem the worst of the White House's levies, with Japan the highest profile economy.
However, China warned governments on Monday not to seek an agreement that compromised Beijing's interests.
While the rest of the world has been hit with a blanket 10 percent tariff, China faces levies of up to 145 percent on many products. Beijing has responded with duties of 125 percent on US goods.
"Appeasement will not bring peace, and compromise will not be respected," a commerce ministry spokesperson said in a statement.
Trump said Thursday that the United States was in talks with China on tariffs, adding that he was confident the world's largest economies could make a deal to end the bitter trade war.
Concerns about the global economic outlook pushed safe haven assets higher, with gold hitting a new record high above $3,384.
The precious metal was also helped by a weaker dollar, which has also been hit by worries about Trump's standoff with Fed boss Jerome Powell.
The president raised worries about the bank's independence when he last week lashed Powell for warning that the tariffs were "highly likely to generate at least a temporary rise in inflation" and suggested interest rate cuts were unlikely.
Trump later called on him to slash borrowing costs and added, "If I want him out, he'll be out of there real fast, believe me."
Powell has said he had no plans to step down early, adding that he considered the bank's independence over monetary policy to be a "matter of law."
The dollar fell against its main peers, with the yen and euro among the best performers.
Oil prices dropped on demand fears as worries about the global economy swirl.
Traders are keeping tabs on the release of key April manufacturing data around the world this week, hoping for an idea about the early impact of Trump's tariffs.
