Stock Market Update
23-Apr-25 13:55 ET
Gold drops 3.5% as Trump eases Fed tensions, boosts trade optimism; dollar and stocks rally
Dow +590.34
at 39777.32,
Nasdaq +526.40
at 16826.81,
S&P +114.54
at 5402.32
[BRIEFING.COM] The Nasdaq Composite (+3.23%) is now more than 525 points higher, this ahead of the release of the Fed's Beige Book, which is due at the top of the hour.
Gold futures settled $120.90 lower (-3.5%) at $3,294.10/oz, mostly driven by a shift in investor sentiment following U.S. President Trump's decision to retract his threat to dismiss Fed Chair Jerome Powell and his expression of optimism regarding a potential trade agreement with China. These developments alleviated some political and economic uncertainties, reducing the demand for the yellow metal as a safe-haven asset. Consequently, the U.S. dollar and stock markets rebounded, further diminishing gold's appeal.
Meanwhile, the U.S. Dollar Index is up about +0.8% to $99.78.
