Stock markets fluctuated and gold futures hit a record high Friday, tracking the latest twists in US President Donald Trump’s tariffs spree.

Oil prices steadied after declining the previous day on news of a meeting between Trump and Russian leader Vladimir Putin in coming weeks, which raised hopes of a truce with Ukraine.

London’s FTSE 100 was flat, Paris stocks edged up and Frankfurt dipped in early afternoon deals.

Japanese stocks led the way on a mostly negative day for Asian markets, fuelled by relief that Tokyo and Washington had settled a tariff issue that raised concerns about their trade deal.

“Since the tariff agreement between the US and the European Union, some clarity has emerged, but confusion around its implementation is just beginning to surface,” said Jochen Stanzl, chief market analyst at CMC Markets.

“In Japan, there is relief today upon hearing that the various tariffs will not be cumulative.

“However, it remains unclear whether the same rules apply for Japan and the EU,” he added.

Gold futures reached a record high at $3,534.10 an ounce after the Financial Times reported that Washington would put tariffs on one-kilo bars, the most traded type of bullion on Comex — the world’s biggest futures market.

It also makes up the largest part of Switzerland’s gold shipments to the United States. The FT said 100-ounce bars would also face tolls.

The levy caused “shock and confusion” in markets, said Han Tan, chief market analyst at Nemo.money trading group.

Spot prices sat around $3,400 an ounce.

The Nikkei 225 stocks index jumped nearly two percent after Japan’s tariffs envoy said that Washington is expected to revise an executive order that stacked tariffs on top of each other.

Japan also urged the US to implement the lower tariffs agreed on autos, a crucial driver of the world’s number-four economy, leading shares in Toyota and Nissan to climb.

The news compounded optimism sparked by strong earnings from market heavyweights Sony and Softbank that fanned a rally in the tech sector.

Elsewhere in Asia, Hong Kong and Shanghai both closed down.

Investors kept tabs on talks between Washington and several other trading partners following the imposition Thursday of Trump’s tariffs, with India and Switzerland scrabbling for a deal.

Also in view are China-US talks to extend a 90-day truce in their stand-off, with their current agreement ending on August 12 and dealers looking on cautiously.

The dollar held most of its recent losses against its peers on Fed rate cut bets after Trump said he had tipped Stephen Miran, the chair of his Council of Economic Advisers to a governor role recently made vacant.