The US dollar index was trading near 108 on Wednesday while the market awaited further information regarding Trump's tariff policies.

Gold prices surged to a nearly three-month high of $2763.27 per ounce on Wednesday, trading slightly below historical highs, propelled by the weakening of the US dollar and unclear policy plans from US President Trump. The US dollar index hovered around the 108 mark on Wednesday, briefly missing it during trading before regaining all lost ground before the US market and turning higher, closing up 0.26% at 108.25. The benchmark 10-year yield of US Treasury bonds rebounded slightly, closing at 4.616%; the two-year US Treasury yield, which is more sensitive to monetary policy, closed at 4.302%.

Investors fear that Trump's policies could worsen market volatility and lead to a trade war. Trump's tariff uncertainties caused the two oil majors to drop to a one-week low. WTI crude oil closed down 0.71% at $75.24 per barrel after reaching an intraday high of $76.25, but it swiftly dropped back to about $75. Brent crude oil closed down 0.52% at $78.23 per barrel.