Gold surged to record highs, defying the strong dollar, while global stocks dipped as investors remained cautious ahead of the U.S. election. With rising U.S. Treasury yields and potential market volatility, attention turns to the economic impact of election outcomes.
Gold prices reached record highs on Wednesday, defying the dollar's strength, which has pressured both the yen and the euro. Meanwhile, global stock markets dipped as investors hesitated to make significant moves ahead of the upcoming U.S. election in two weeks.
Recent U.S. economic data has suggested continued growth, leading investors to reconsider the extent to which the Federal Reserve may cut interest rates.
U.S. Treasuries have faced declines, resulting in three-month high yields, driving the dollar to multi-month peaks against the euro, pound, and yen, which is now trading at around 150 per dollar, prompting caution from Japanese officials.
Despite the slight downturn in stocks, the market remains close to record highs, indicating that investors are currently optimistic about the economy and corporate earnings. The MSCI All-World Index was down 0.1%, mirroring similar declines in Europe and U.S. futures.
With the election just weeks away, market volatility is anticipated. Betting odds have recently shifted in favor of Donald Trump over Kamala Harris, though opinion polls indicate a tightly contested race. Investors are particularly attentive to the potential impact of another Trump presidency, especially his proposed tariffs and immigration restrictions, which could drive inflation higher.
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Hong Kong and Shanghai will sign a memorandum of understanding next week to establish a cross-border gold trade clearing system, a move aimed at boosting Hong Kong’s role as an international gold trading hub, Financial Secretary Paul Chan said.
The U.S. dollar's share of global reserves fell to nearly 40% at the end of 2025, according to the International Monetary Fund (IMF), which says it's 10% lower than at the start of 2024. However, gold has risen and overtaken the dollar to be above 50% in global reserves according to the IMF data.
A subsidiary of the Turkish mining company Miryildiz Mining has initiated the construction of a gold processing plant in the Abai region of Kazakhstan, with a total investment of $480 million, according to the regional governor, Berik Uali.
Gold prices rose above $4,000 an ounce for the first time on Wednesday, fuelled by investor demand for safe-haven assets amid rising geopolitical tensions and expectations of U.S. interest rate cuts.
Italian Prime Minister Giorgia Meloni said on Saturday (17 January) that concerns over security in Greenland should be addressed within the framework of NATO, describing a ground military intervention as highly unlikely.
Elon Musk is seeking up to $134 billion from OpenAI and Microsoft, arguing that the companies profited unfairly from his early support of the artificial intelligence firm, according to a court filing made public on Friday.
European leaders voiced growing alarm on Sunday over U.S. threats to impose tariffs on eight NATO allies, warning the move could destabilize transatlantic relations and heighten tensions in the Arctic.
Trump administration officials held months-long discussions with Venezuela’s hardline interior minister Diosdado Cabello before the U.S. operation that led to the seizure of President Nicolás Maduro, according to multiple people familiar with the matter.
Syrian President Ahmed al-Sharaa has signed a decree recognising Kurdish language rights, as government forces advanced against U.S.-backed Kurdish-led fighters despite U.S. calls for restraint.
Global markets are rattled after U.S. President Donald Trump threatened new tariffs on eight European countries over Greenland, sending the euro to a seven-week low and raising concerns about renewed transatlantic trade tensions.
Hong Kong and Shanghai will sign a memorandum of understanding next week to establish a cross-border gold trade clearing system, a move aimed at boosting Hong Kong’s role as an international gold trading hub, Financial Secretary Paul Chan said.
Elon Musk is seeking up to $134 billion from OpenAI and Microsoft, arguing that the companies profited unfairly from his early support of the artificial intelligence firm, according to a court filing made public on Friday.
The UK economy grew more strongly than expected in November, according to official figures, offering signs of resilience after months of weak performance.
China recorded the world’s largest-ever trade surplus in 2025, reaching $1.2 trillion as exporters shifted focus away from the U.S. amid ongoing trade tensions.
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