Gold hits record high; US dollar, stocks tank as panic over Trump tariffs returns

The dollar tumbled with most stocks while gold hit a fresh record high as panic gripped markets again on Friday after Donald Trump admitted that his global tariff blitz could see "a transition cost."

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The US president's decision to delay crippling duties for 90 days sparked a frenzied scramble for equities that had been beaten down since his "Liberation Day" announcement unleashed a global panic. However, the realisation that nothing had been resolved, coupled with Trump's decision to double down on his battle with economic superpower China, fuelled another bout of selling of US assets.

The dollar tanked against the yen, euro, pound and Swiss franc -- investors dropping what is usually considered a key safe haven currency as they look to unload US risk assets, including gold-standard Treasuries amid speculation that China was offloading some of its vast holdings.

Chinese President Xi Jinping urged the European Union on Friday to join Beijing in resisting "unilateral bullying" by Washington, state media said as he met Spanish Prime Minister Pedro Sanchez.

The weaker dollar and the rush for safety has also sent bullion to a fresh record high above $3,220.After blockbuster rallies on Thursday in response to the 90-day tariff pause, markets across the region were back deep in negative territory at the end of a highly volatile week.