Introducing Surge - Intelligent Book and Execution Optimisation Platform

Markets continue to trade in a tighter range than last week, while haven assets continue to rally in the background. Gold (XAU) broke the $3,300 barrier for the first time yesterday and has sustained that move. Gold is now up 28% for the year, following a 27% rally in 2023.

Risk sentiment has waned slightly again, with trade conflicts continuing after new restrictions on Nvidia and a probe into the need for levies on critical minerals.

With further talk around tariff pauses, this time concerning autos, there has been increased calm in the markets. The S&P 500 is back at 5,400, and US Treasuries are also showing signs of stability after last week’s pressure, with 10-year yields back around 4.3% after testing 4.6% last week.