Markets Pause, But Trump Stays Loud: “He Who Has the Gold Makes the Rules”

Market Overview

While global markets took a break for Good Friday, former U.S. President Donald Trump stirred headlines with a sharp remark on social media: “The golden rule of negotiation and success—he who has the gold makes the rules.” In response, spot gold opened higher and briefly touched the $3,350 level, approaching its all-time high.

On Friday, markets in the U.S., several European countries, Australia, and Hong Kong were closed for the holiday. Trading in precious metals, U.S. crude oil, forex, equity index futures, and Brent oil contracts was halted for the day.

Hot Topics to Watch

● Trump Doubles Down on Rate Cut Pressure

Trump reiterated his stance, saying interest rates would drop if the U.S. had a Fed Chair who “knew what he was doing.” When asked whether removing Chair Jerome Powell was being considered, White House advisor Kevin Hassett responded that the administration was “looking into it.”

● U.S. May Recognize Crimea as Russian Territory; Trump Pushes Peace Talks

Trump expressed hope for accelerated negotiations between Russia and Ukraine. The U.S. has reportedly proposed a peace framework involving sanctions relief, freezing the conflict, recognizing Russian control over occupied areas, and Ukraine remaining outside NATO. U.S. and European officials aim to secure a full ceasefire within weeks. Meanwhile, Ukraine is set to disclose details of a U.S.-Ukraine mineral agreement, highlighting plans for a reconstruction investment fund.

Key Data to Watch(GMT+8)

• 20:00 GMT+2: Canada National Economic Confidence Index (as of April 18)

• 22:00 GMT+2: U.S. Conference Board Leading Economic Index (MoM, March)

• U.S. Conference Board Coincident Economic Index (MoM, March)