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Gold is on track for its biggest weekly gain in nearly eight months, driven by escalating global tensions after Russia lowered its threshold for nuclear weapon usage and launched a hypersonic missile at Ukraine. The euro, meanwhile, hovers at a 13-month low amid economic and geopolitical challenges in Europe.
Image Source: Alpari
The heightened risk of conflict sent European gas prices soaring to a one-year high and triggered a flight to safe-haven assets, boosting German bonds and lifting the Swiss franc to its first weekly gain in two months.
Gold and Market Reactions
Gold remained steady at USD 2,677 per ounce on Friday, climbing more than 4.5% this week. Meanwhile, Bitcoin edged closer to the USD 100,000 mark, tantalizing traders with the prospect of a new milestone. In Asia, chipmakers led stock market gains following Nvidia’s (NVDA.O) strong earnings, with Taiwan (.TWII) and South Korea (.KS11) both up over 1% and Japan’s Nikkei (.N225) climbing 0.8%.
Russia Escalates Tensions
Russia’s recent military moves, including its decision to lower the threshold for nuclear weapon deployment, have fueled market anxiety. In response to Western countries enabling Ukraine to strike Russian territory with advanced weapons, Russia fired a hypersonic intermediate-range missile at Dnipro.
Analysts at ANZ Bank noted that these types of weapons often carry nuclear warheads, adding, “The exchange indicates the war has entered a new phase, raising concerns around disruptions to supply chains.”
Oil Prices Climb
Brent crude futures climbed nearly 4.5% for the week, reaching a two-week high of USD 74.44 per barrel during Asian trading hours, as fears of supply disruptions intensified.
Euro Struggles Amid European Challenges
The euro faces mounting pressure, declining in seven of the past eight weeks. At USD 1.0469, it teeters near support levels at last year’s low of USD 1.0448. Europe is grappling with a slew of challenges, including U.S. tariffs, slowing growth, political instability in Germany, and budget strains in France. “There doesn’t seem to be anything on the plus side of the euro ledger just at the moment,” said Ray Attrill, head of FX research at National Australia Bank.
European stocks (.STOXX) are on course for a fifth consecutive weekly loss, reflecting the region’s struggles. In contrast, global stocks (.MIWD00000PUS) posted a 1% gain for the week, bolstered by other regions’ relative stability.
Dollar and Yen Trends
The U.S. dollar index climbed 0.4% this week to 107.05, supported by expectations of Federal Reserve policy adjustments. Meanwhile, benchmark 10-year Treasury yields held steady at 4.432%. Japan’s core inflation data for October, which exceeded the Bank of Japan’s 2% target, has fueled speculation about a December rate hike. The yen traded firmer at 154.38 per dollar, with market participants eyeing potential intervention from Japan’s finance ministry.
“Together with speculation about intervention, selling on upticks in dollar/yen is quite decent,” noted Keita Matsumoto, head of financial institution sales at Citigroup Global Markets Japan.
As geopolitical risks rise and economic uncertainties deepen, markets brace for continued volatility across assets.
Other News
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Adani Group stocks and bonds fell for a second day after founder Gautam Adani was indicted in the U.S. for a USD 265 million bribery scheme.
Trump Considers Warsh for Treasury, Fed Roles
President-elect Donald Trump is reportedly considering Kevin Warsh for Treasury Secretary, with plans to later appoint him Federal Reserve Chairman.
China Open to Talks with U.S. Amid Trade Tensions
China is ready to engage in dialogue with the U.S. to foster economic and trade relations, Vice Commerce Minister Wang Shouwen said on Friday.
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