The Dax continued to rise on Monday, narrowly reaching a new all-time high. By 17:10, the index stood at 21,945.57 points, just a fraction of a point above the record high reached on Friday. On the day, the Dax closed at 21,912 points, a 0.6% increase from the end of the previous week and a new record on a closing basis.
Papers from Siemens Health, RWE and Porsche were among the biggest gainers, rising by around two percent. The announcement of new tariffs by US President Donald Trump seemingly had little impact on many investors.
The US’ protectionist foreign trade policy, according to market analyst Andreas Lipkow, is instead driving the price of gold further towards 3,000 USD per fine ounce. “This is particularly interesting in the context of the rising stock indexes, as gold is typically seen as a safe haven and in the past has tended to negatively correlate with the stock markets. Currently, many of the old correlations seem to be breaking apart and new causalities and asymmetries are emerging in the international financial markets.”
The gold price was trading at 2,910 USD per fine ounce (+1.7%) in the afternoon, equivalent to a price of 90.71 euros per gram, a record that no one had seen before.
The European common currency was slightly weaker on the evening of the previous day: one euro cost 1.0318 US dollars and one dollar was worth 0.9692 euros.