A Friday synthesis of the week's biggest moves across metals, equities, energy, FX, and rates — plus what to watch next week.
The S&P 500 gained 1.15% and gold rose 1.30%, while the Nasdaq 100 added only 0.24%. Energy and inflation remain in focus ahead of CPI, PPI and industrial production.
Equities ended higher despite Treasury pressure; the dollar and yields rose while gold and silver fell 2.34% and 2.95%. Oil remained sensitive to Strait of Hormuz headlines.
The Fed hikes for the first time since 2023 and the 10-year yield crosses 5%, yet gold snaps a three-week slide (+0.4%) as oil eases; the dollar gains 1.1% and the S&P 500 finishes flat.
Gold surges to an all-time high of $4,671.60/oz driven by the 'debasement trade' after the Treasury announced it will double long-bond buybacks — not rate-cut expectations. The Fed holds rates with a hawkish dissent, and equities keep setting records in the same atypical 'everything rallies' regime.
The US-Iran conflict re-escalates and closes the Strait of Hormuz again, but WTI rises only 4% while the S&P 500 and Dow hit fresh records. The Fed revises its dot plot toward a hawkish tilt and gold slips despite the geopolitical tension.