Market participants witnessed or were part of a 180° reversal of market sentiment this morning with equities moving substantially higher, and safe-haven assets such as gold trading lower.

According to the Oxford dictionary, a trade war is “a situation in which countries try to damage each other's trade, typically by the imposition of tariffs or quota restrictions.”

The first quarter of 2018 concluded today, and as far as gold pricing goes, this marks the third consecutive quarter of positive price gains. However, first-quarter gains were the smallest gains for any quarter over the last seven years.