Weekly Markets Monitor: Calm interrupted
13 October, 2025
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Highlights
- Last week was a rollercoaster of highs and lows. Israel and Hamas agreed a peace plan, while US-China trade tensions re-escalated. The US government shutdown continued, political stability concerns grew in France and Japan, and Chinese Golden Week holiday spending showed mixed signals.
- Global equity markets closed the week lower after Friday's sell-off, with bond yields, the US dollar, and oil prices also falling.
- Gold broke through US$4,000 last week – here’s our blog on it, notching a 45th new high for the year and taking the y-t-d return to 52%. Silver and platinum have forged ahead to new highs as well. Gold’s rampant performance has probably raised concerns about its near-term capacity to act as a hedge. It was put to the test on Friday, when renewed tariff tensions jolted markets and sent equities and cryptocurrencies tumbling. Although merely an intraday move, gold did what gold often does best – protect investor portfolios (COTW).
Chart of the week - Gold just doing its goldy thing
Data to 12 October 2025.
Source: Bloomberg, World Gold Council
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