Gold Surges Over 2% to Record High Amid U.S.–China Trade Tensions

Global markets face renewed pressure due to escalating U.S.–China trade tensions. Key developments include:

Gold surged over 2% to a record high of $3,300 per ounce.
The Dollar Index (DXY) fell below 100, indicating reduced confidence in the U.S. dollar.
Tariffs of up to 245% on Chinese imports were announced by the White House following China's export bans on critical materials.
The euro strengthened to $1.13, and the yen to 142 per dollar.
Nasdaq futures dropped more than 2%, with tech stocks, particularly Nvidia, suffering losses.
Nvidia shares fell 7% pre-market after announcing $5.5 billion in potential lost revenue from new U.S. export controls on AI chips to China.
Bitcoin dropped slightly to $83,000, reflecting its correlation with U.S. tech stocks rather than serving as a safe haven like gold.