Gold prices surged to nearly $3,385 per ounce, with spot gold reaching $3,384.42, rising 2.5% amid a weaker U.S. dollar, increased safe-haven demand, and global trade and geopolitical tensions. The gains followed weak U.S. economic data, including contracting services activity and slowing job growth, reinforcing expectations of at least two Federal Reserve interest rate cuts in 2025. Central banks and sovereign wealth funds continued to buy gold, though the pace slowed in April as prices reached record highs. The uncertain economic environment and efforts to diversify away from the U.S. dollar remain key factors behind this trend. Oil prices initially climbed about 2% to a two-week high, with Brent crude at $65.45 per barrel and WTI at $63.22, driven by concerns over supply disruptions from Alberta wildfires, which affected about 7% of Canada's oil production, or approximately 462,000 barrels per day. Rain in Alberta helped stabilize the situation, allowing some oil sands production to resume. The impact of Canadian supply disruptions was offset by an OPEC+ output increase of 200,000 barrels per day, resulting in oil prices holding steady or slipping slightly. The U.S. dollar weakened against major currencies after disappointing economic data, including the smallest gain in private payrolls in over two years and a contraction in the services sector. President Donald Trump doubled tariffs on imported steel and aluminum and set deadlines for trade negotiations, contributing to ongoing trade tensions, particularly with China. The dollar index fell to near its lowest level since late April. In Brazil, the real appreciated to R$5.63 and the Ibovespa stock index rose 0.56% to 137,546 points. The U.S. dollar fell 0.70% against the real. Market sentiment improved following statements by President Luiz Inácio Lula da Silva and Finance Minister Fernando Haddad, who signaled openness to alternatives to the recent IOF tax increase. The Brazilian market also responded to global economic projections and fiscal policy developments.