Tariffs Trigger Commodity Crash, Gold Soars Amid Recession Fears

Global commodities like oil, copper and agricultural products suffered a downturn due to U.S. tariffs, raising recession concerns. Meanwhile, gold reached record highs as investors seek safe-haven assets. The tariffs, particularly on goods from China, could curtail U.S. product demand, impacting global economic growth.

Global commodities experienced a sharp decline on Thursday following U.S. President Donald Trump's announcement of aggressive tariffs on imports, spiking fears of a global recession.

Prices for oil, copper, and agricultural products fell, while gold reached record highs as investors sought safe-haven assets. The tariffs, particularly targeting China, raised concerns about reduced global growth and curbed demand for U.S. goods.

Chinese retaliatory measures and heightened trade tensions contributed to stock market declines, notably affecting the tech sector. Commodities strategist Daniel Hynes described the potential pressure on markets and industrial activity from reciprocal tariffs.

(With inputs from agencies.)