(Updates with European trading, adds comments, refreshes

prices)

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Bond yields fall, yen gains as safe havens garner demand

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Spot gold hits record high at 3,148.88 per ounce

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Oil eases from 5-week high as traders weigh slowdown risks

By Kevin Buckland and Amanda Cooper

TOKYO/LONDON, April 1 (Reuters) - Global stocks rose on

Tuesday following Wall Street's overnight gains, while gold hit

an all-time peak and Treasury yields fell as markets awaited

details of U.S. President Donald Trump's reciprocal tariffs.

The Japanese yen held firm, as did the Swiss franc, as

traditional haven assets drew demand.

At the same time, the risk-sensitive Australian dollar

rebounded after the Reserve Bank of Australia left interest

rates steady, as widely expected, but warning of "pronounced"

global uncertainty.

Investors are nervously awaiting April 2, a day Trump has

dubbed "Liberation Day", when he has promised to unveil a

massive reciprocal tariff plan.

The Office of the U.S. Trade Representative released its

annual report on foreign trade barriers on Monday, which

contained scores of other countries' policies and regulations it

regards as trade barriers.

Yet it was unclear how the 397-page report will impact

Trump's reciprocal tariff plans.

European stocks got off to a stronger start, after

the previous day's bout of profit-taking, particularly in assets

that are highly vulnerable to U.S. tariffs. The index, which

rose 5.1% in the first three months of the year, was up 0.7% in

early trading, with pharma and technology stocks leading the

way.

"In terms of the upcoming tariff announcement, we still

don't know which countries they'll be imposed on and what rate.

It's fair to say that the administration might not have the

final plan ready as yet," Deutsche Bank strategist Jim Reid

said.

Uncertainty is running high. Various measures of stock, bond

and currency volatility have risen sharply in the past few days,

reflecting the challenge for investors of trading the unknown.

The S&P 500 gained 0.55% on Monday, snapping a

three-day losing run, but futures eased 0.1%.

"It is possible that a significant portion of last night's

rebound in the key (Wall Street) indices was attributable to

month-end and quarter-end rebalancing flows, as well as short

covering ahead of Trump's Liberation Day, amid considerable

uncertainty about what comes next," said Tony Sycamore, an

analyst at IG.

"U.S. equity markets are priced for a slowdown in growth and

earnings. However, they are not priced for a recession, and if

the U.S. economy enters recession, U.S. stock markets could

easily fall by another 10%."

Gold powered to a record high for a fourth straight session,

hitting $3,148.88 per ounce.

"On top of general risk aversion, investors are increasing

allocation to gold with the Trump administration's trade policy

threatening the dollar's special reserve status," said Kyle

Rodda, senior financial markets analyst at Capital.com.

"The fundamental backdrop remains strong for gold."

DOLLAR UNDER PRESSURE

Demand for the safety of Treasuries sent yields lower on

Tuesday, as prices rose, with those on benchmark 10-year notes

falling nearly 6 basis points to 4.188%.

That kept the dollar in check, leaving the euro

narrowly lower on the day at $1.0801, while the yen

held steady at 149.875 and the Swiss franc strengthened, leaving

the dollar down 0.1% at 0.883 francs.

Investor caution towards U.S. assets has resulted in

continued pressure on the dollar, which posted its worst

first-quarter performance against a basket of currencies

in nine years this year, with a drop of nearly 4%.

The Aussie retreated from the day's highs to trade

0.1% lower at $0.6245. The RBA held rates at 4.1%, having just

cut them by a quarter point in February for the first time in

over four years.

"Geopolitical uncertainties are also pronounced," the RBA

said in its statement, adding that U.S. tariffs are having an

impact on confidence globally.

"The RBA's statement suggests they're inching towards their

next cut, but in no rush to signal one," said Matt Simpson,

senior market analyst at City Index.

Bitcoin rose 1.2% to $83,040.

Oil prices edged up, extending Monday's 2% rally. Brent

crude was up 0.1% at $74.79 a barrel, while U.S. crude

rose 0.1% to $71.52.

At the weekend, Trump threatened secondary tariffs on

Russian crude and on Iran. He also warned Iran of bombing if

Tehran did not come to an agreement with Washington over its

nuclear programme.

(Reporting by Kevin Buckland; Editing by Himani Sarkar, Kim

Coghill and Ros Russell)