Market Recap: Gold Hits Record High, Bitcoin Climbs, Oil and Dollar Weaken

Financial markets experienced significant volatility in response to the release of Chinese economic data and the absence of major U.S. data, which impacted the performance of various indices and assets during the latest trading sessions.

Chinese Economic Growth Data: Official data from the National Bureau of Statistics of China, released on Friday, revealed that the Chinese economy grew at an annual rate of 4.6% in the third quarter of 2024. This figure matched market expectations, but fell slightly below the 4.7% growth recorded in the second quarter.

U.S. Building Permits: Additionally, U.S. building permits came in lower than expected at 1.43 million for September, below the forecast of 1.45 million, and down from the revised 1.47 million in August.

Market Performance:

• U.S. Dollar Index: The dollar weakened on the back of softer U.S. economic data, falling 0.24% to stabilize near 103.51 points.
• Euro Index: In contrast, the euro saw a rise of 0.30%, trading around 108.62 points.
• Gold: Spot gold surged to $2,716 per ounce, a new record, driven by a weaker dollar and rising geopolitical tensions in the Middle East.
• Oil: U.S. crude oil prices dropped by 1.74%, settling at $68.92 per barrel, while Brent crude traded near $73.30 per barrel.
• Bitcoin: The cryptocurrency saw a solid gain of 1.84%, with prices hovering around $68,634 per coin.

U.S. Stock Indices:

• Dow Jones Industrial Average: +0.03%, trading at 43,251.72 points.
• S&P 500: +0.40%, reaching 5,864.86 points.
• Nasdaq Composite: +126 points, stabilizing at 18,499.34 points.

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