Producers of metals and other raw materials fell, but not by as much as the broad market, as traders bet commodities would benefit from a second inflationary cycle and gold staged its biggest rally in roughly five years.

The trade war could well drive up consumer prices at the same time as it slows economic growth, warned Federal Reserve Chair Jerome Powell.

Gold futures rose 3.4% to settle at $3,326.60, a fresh record, bringing gains to 40% in the last 12 months. That was the precious metal's biggest gain since April 2020, during he onset of the pandemic.

The Van Eck Gold Miners exchange-traded fund, which tracks a basket of precious-metals excavators, is now up about 25% in the last seven sessions, the ETF's strongest winning streak since April 2020.

Iron-ore shipments from Rio Tinto's massive Australian mining operations are likely to fall at the lower end of the miner's estimates this year, following disruptions from four cyclones in recent months.

Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

April 16, 2025 17:20 ET (21:20 GMT)

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