The big highlight of the week in the financial markets was the impressive appreciation of gold, which surpassed the symbolic mark of 4,000 dollars per ounce for the first time, accumulating an annual appreciation of more than 50%. The precious metal has benefited from several factors, including geopolitical instability and the sustainability of the sovereign debt of several major powers. The expectation of interest rate cuts by the US Federal Reserve has been another of the main drivers of this escalation. With inflation showing signs of moderation and the United States economy losing some steam, investors anticipate interest rate reductions over the next 12 months. This movement tends to weaken the dollar and increase the value of real assets such as gold. At the same time, physical demand remains robust, especially from China, which seeks to make its currency more relevant in the geopolitical landscape and reduce dependence on the dollar.
On the technological side, the spotlight returned to OpenAI, after the company announced new strategic agreements with industry giants, reinforcing its presence in areas such as hardware and business services. The news had an immediate effect on the prices of companies linked to artificial intelligence, from semiconductor manufacturers to the software platforms that depend on their solutions. The enthusiasm around AI has once again permeated the market. However, warnings persist that the sector may be entering a phase of excessive euphoria. The Bank of England and the International Monetary Fund this week warned of the risk of a sharp correction if expectations about AI’s economic impact prove too optimistic. Despite the underlying risks, investors continue to buy real assets at a high rate, and the parallels with the dot.com bubble continue to grow.