November 10, 2025 – The U.S. dollar index rose early in the week but reversed gains, closing Friday at 99.54. Spot gold swung over $130 throughout the week, ultimately holding above $4,000. The Nasdaq fell more than 3%, as concerns over tech stock valuations resurfaced. Bitcoin dropped below $100,000, and Ethereum plunged amid a major hacking incident.
Weekly Performance & Fundamental Analysis by Asset Class
Foreign Exchange: Dollar Reverses from Highs as Fed Division Deepens
The U.S. dollar index broke above 100 to a three-month high early in the week but slipped to 99.54 by Friday, down 0.46% for the week.
The Japanese yen fluctuated within the 153–154 range, with the Bank of Japan’s policy inaction limiting rebound momentum.
Fundamental Drivers:
Policy confusion: Fed Governor Milan called for faster rate cuts, while Cleveland Fed President Hummack warned of inflation risks, cutting December rate-cut odds to 60%.
Data vacuum worsens: The U.S. government shutdown has now reached day 39 (a record), leaving key data like nonfarm payrolls and CPI unavailable and amplifying market volatility.
Precious Metals: Gold Sees V-Shaped Rebound as Safe-Haven Demand Battles Dollar Strength
Spot gold hit a weekly low of $3,930 and a high of $4,060, closing at $4,001.39.
Spot silver settled at $48.35, down 0.68%, with its trading range widening to $47–49.
Key Themes:
Safe-haven demand: Equity selloffs and rising geopolitical risk (notably escalating tensions in Venezuela) lent support to gold.
Dollar pressure: Short-term dollar strength capped gains, but central bank buying (with China’s PBoC continuing to add to reserves) provided long-term support.
Institutional Views:
TD Securities: Expects gold to consolidate within $3,800–4,050.
Morgan Stanley: Forecasts gold to rise to $4,500 in 2026.
Energy & Commodities: Oil Falls for Second Straight Week as Supply-Demand Imbalance Grows
WTI crude fell 3.2% to $59.75, and Brent crude declined 2.8% to $63.63.
Bearish factors: Larger-than-expected EIA inventory build and uncertainty over OPEC+ production plans offset geopolitical risk premiums.
Industrial Metals:
Iron ore fell 3.66% as weak Chinese demand and rising port inventories weighed on sentiment.
LME copper settled at $10,903, balancing between supply disruptions and global growth slowdown concerns.
