GLOBAL MARKETS-Stocks rise, gold hits record as investors await Trump tariff clarity

(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)