MSCI’s gauge of stocks across the globe added 8.92 points, or 0.92%, to 981.17, regaining some ground lost in Friday’s more than 2% sell-off

MSCI’s global equities gauge rose almost 1% on Monday, regaining some of the ground lost in Friday’s sell-off after U.S. President Donald Trump softened his tone on the U.S.-China trade war, but safe-haven gold hit new record highs in a sign that uncertainty remained high.

On Friday, Trump had threatened 100% tariffs on China from November 1 in response to China’s curbs on exports of rare earth elements. But by Sunday the U.S. president sounded more conciliatory, posting on social media that the U.S. did not want to hurt China.

Investors at the end of last week were worried that there was potential escalation in tensions between the United States and China. It looks like this morning they’ve walked that back a little bit, said Chris Zaccarelli, chief investment officer, Northlight Asset Management in Charlotte, North Carolina.

Zaccarelli also said Monday’s news that OpenAI has partnered with Broadcom to produce its first in-house artificial intelligence processors, “adds to the general enthusiasm around artificial intelligence and related industries.”

MSCI’s gauge of stocks across the globe added 8.92 points, or 0.92%, to 981.17, regaining some ground lost in Friday’s more than 2% sell-off.

Spot gold crossed $4,100 per ounce for the first time and was last up 2.24% at $4,107.17 an ounce.

Earlier the pan-European STOXX 600 index had closed up 0.44% although France remained in the spotlight with reappointed Prime Minister Sebastien Lecornu facing pressure to get a budget deal approved.

In currencies, the dollar index rose 0.22% to 99.27. The euro was down 0.44% at $1.1567.

Against the yen, the dollar firmed 0.77% to 152.32.