Global markets opened the week under renewed pressure as tariff uncertainty and geopolitical frictions pushed risk sentiment sharply lower. Safe-haven demand surged, sending spot gold up more than 1.5% on Monday to a fresh record near USD 4,690/oz, now just steps away from the psychological 4,700 level. Silver remained extremely strong, trading around USD 93.40, after briefly touching an all-time high near USD 94.10, though volatility has widened at elevated levels.
Equity markets showed signs of caution. US stocks edged lower, with the Dow, S&P 500 and Nasdaq all consolidating near record zones as investors rotated toward defensive sectors. In FX, the US dollar softened, while EUR/USD struggled near key support amid renewed trade threats, and USD/JPY hovered around 158 as the yen attempted to stabilize from oversold conditions.
In commodities, WTI crude held around USD 59, weighed down by demand concerns despite easing geopolitical risk premiums. Crypto markets were mixed: Bitcoin retreated toward USD 92,000 as liquidity concerns surfaced, while Ethereum outperformed, breaking above USD 3,100 with strong catch-up momentum.
Overall, escalating trade risks and geopolitical uncertainty are accelerating capital flows into hard assets, setting the stage for heightened volatility across global markets.
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