Global Markets Reeling: Tariff Troubles, Tech Dips, and Gold's Record Surge

Global shares dropped as U.S. chip sales restrictions to China hit tech stocks. Retail sales grew as tariffs loomed, while gold reached record highs amidst market uncertainty. European and Asian stocks struggled as the World Trade Organization forecasted a trade slump. Oil and cryptocurrencies saw mixed results.

Global markets faced a tumultuous day as U.S. restrictions on chip sales to China wreaked havoc on tech stocks, with giants like Nvidia experiencing significant losses. The restrictions, coupled with ongoing tariff uncertainty, led to a notable decline in major indices, including the Nasdaq Composite, which dropped 2.1%.

Amid the economic turbulence, gold emerged as a standout performer, reaching record highs of $3,327 per ounce. This surge reflects investor appetite for safe-haven assets during periods of volatility, noted Australian bank ANZ, which predicts gold reaching $3,600 by year-end.

Meanwhile, the global economic landscape showed mixed signals. European and Asian market indices generally saw declines, while fresh U.S. retail data suggested preemptive consumer spending ahead of potential tariff impacts. Against this backdrop, oil prices rebounded, and cryptocurrencies experienced volatility.

(With inputs from agencies.)