Gold has staged a blistering 26% rally this year, topping $3,300 an ounce, serving as a hedge against macro and geopolitical uncertainty, as well as an alternative to the dollar, the biggest tariff casualty, which has lost over 10% in value this year against a basket of currencies.

A couple deals with major trading partners could mean the effective tariff rate rises from 16% to 18% versus 21% scenario, according to Pingle.Nadia Lovell, senior U.S. equity strategist for UBS Global Wealth Management,

The high rates caught many investors off guard, and the stock market plummeted. By April 9, Trump announced a 90-day pause on the high tariff rates to give countries time to negotiate trade deals, leading to a major market rally. That 90-day pause will end on July 9. Should investors buy stocks before then?