Gold hit a record on Monday morning, touching more than $3,110 an ounce, while stock markets dropped after US President Donald Trump’s latest remarks that tariffs will hit all countries. This further stoked concerns about a trade war that could dent economic growth around the world.
The precious metal was trading at $3,110.76 an ounce at 8.34am UAE time on Monday, with prices supported by growing haven demand. Gold prices are up by about 6.5 per cent in the last month and about 16 per cent in the last six months on rising geopolitical and macroeconomic uncertainties.
Mr Trump on Sunday said new tariffs that he plans to announce on Wednesday, in a move he has called “liberation day”, will hit all countries and not just those that have the biggest trade imbalances with the US.
“You'd start with all countries,” he told reporters on Air Force One. “Essentially all of the countries that we're talking about.”
The levies will be in addition to those imposed on aluminium, steel and vehicles, as well as increased tariffs on all goods from China.
Asian stocks also fell on Monday, with Japan's Nikkei 225 index down about 4 per cent and South Korea's benchmark Kospi index dropping by nearly 3 per cent. Hong Kong’s Hang Seng index was 1.7 per cent lower, the Shanghai Composite index was 0.97 per cent lower and Taiwan's Taiex was down 3.75 per cent.
US stock futures were also down on Monday morning, with the S&P 500 and the Nasdaq futures down 0.77 per cent and 1.36 per cent, respectively.
“The tariff talk remains on the headlines as the liberation day approaches,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank. “Risk appetite is nowhere to be found, the US dollar is weak, gold continues to extend gains into uncharted territories.”
Global stock markets have faced increased volatility since Mr Trump followed through with his campaign promise to levy duties on some of the US’s biggest trade partners.
Last week, he put a 25 per cent levy on all cars not made in the US. The country, the world's largest steel and aluminium importer, this month also introduced 25 per cent tariffs on all imports of the metals, which are used in construction, the car industry, energy and manufacturing. The move is designed to stimulate domestic processing.
Mr Trump has also planned a 10 per cent tariff on Canadian energy products that fall outside the US-Mexico-Canada Agreement he negotiated during his first term.
The President has also announced 25 per cent tariffs on imports from Canada and Mexico and has said he would add another 10 per cent tariff on goods from China, on top of the 10 per cent he put in place in February.
Mr Trump's tariff strategy has sparked concerns of a trade war that could drive up prices and hamper economic growth. Goldman Sachs lowered its 2025 gross domestic product forecast for the US to 1.7 per cent from 2.4 per cent, citing tariff uncertainty.
“Last week’s US GDP update showed a slightly better reading on Thursday, but growth in US GDP fell from above 3 per cent to 2.4 per cent in the fourth quarter, and is expected to contract by nearly 3 per cent in the first quarter, according to the latest update from Atlanta Fed’s GDP Now forecast,” Ms Ozkardeskaya said.
The rising uncertainty has pushed up the demand for gold, with expectations that prices could go even higher. Last week, Goldman Sachs increased its forecast for gold to hit $3,300 an ounce by year-end. The bank cited higher-than-expected central bank demand and strong inflows into bullion-backed exchange-traded funds.
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School counsellors on mental well-being
Schools counsellors in Abu Dhabi have put a number of provisions in place to help support pupils returning to the classroom next week.
Many children will resume in-person lessons for the first time in 10 months and parents previously raised concerns about the long-term effects of distance learning.
Schools leaders and counsellors said extra support will be offered to anyone that needs it. Additionally, heads of years will be on hand to offer advice or coping mechanisms to ease any concerns.
“Anxiety this time round has really spiralled, more so than from the first lockdown at the beginning of the pandemic,” said Priya Mitchell, counsellor at The British School Al Khubairat in Abu Dhabi.
“Some have got used to being at home don’t want to go back, while others are desperate to get back.
“We have seen an increase in depressive symptoms, especially with older pupils, and self-harm is starting younger.
“It is worrying and has taught us how important it is that we prioritise mental well-being.”
Ms Mitchell said she was liaising more with heads of year so they can support and offer advice to pupils if the demand is there.
The school will also carry out mental well-being checks so they can pick up on any behavioural patterns and put interventions in place to help pupils.
At Raha International School, the well-being team has provided parents with assessment surveys to see how they can support students at home to transition back to school.
“They have created a Well-being Resource Bank that parents have access to on information on various domains of mental health for students and families,” a team member said.
“Our pastoral team have been working with students to help ease the transition and reduce anxiety that [pupils] may experience after some have been nearly a year off campus.
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1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
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1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
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December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
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