Global Markets Climb on Fed Cut Hopes; Gold Hits Record

Global equities rose Friday as investors bet on further U.S. interest rate cuts this year, with European shares posting their best weekly gain in 12 weeks on strength in banking stocks.

U.S. gold futures surged to a record $3,534.10 before settling 1.1% higher at $3,491.30 amid uncertainty over whether new U.S. import tariffs would cover the most-traded gold bar sizes.

Optimism grew over a potential Russia-Ukraine ceasefire after reports the U.S. and Russia are seeking a deal, while traders also eyed the nomination of Stephen Miran to the Fed board, potentially cementing a pro-rate-cut stance.

On Wall Street, the Dow rose 0.47%, the S&P 500 gained 0.78%, and the Nasdaq climbed 0.98%. Europe’s STOXX 600 added 0.2%, finishing the week up over 2%, helped by solid earnings and hopes that U.S. tariffs on allies may be softer than feared.

Brent crude settled up 0.24% at $66.59, while U.S. crude was flat at $63.88, both ending the week lower on demand concerns. The 10-year U.S. Treasury yield rose to 4.283%, the dollar strengthened, and Japan’s Nikkei jumped 1.85%.