TOKYO/LONDON - 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 US 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 US 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 US tariffs. The index, which rose 5.1 percent in the first three months of the year, was up 0.7 percent 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 percent on Monday, snapping a three-day losing run, but futures eased 0.1 percent.

"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.

"US equity markets are priced for a slowdown in growth and earnings. However, they are not priced for a recession, and if the US economy enters recession, US stock markets could easily fall by another 10 percent."

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 percent.

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 percent at 0.883 francs.

Investor caution towards US 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 percent.

The Aussie retreated from the day's highs to trade 0.1 percent lower at $0.6245. The RBA held rates at 4.1 percent, 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 US 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 percent to $83,040.

Oil prices edged up, extending Monday's 2 percent rally. Brent crude was up 0.1 percent at $74.79 a barrel, while US crude rose 0.1 percent 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 program.