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Fed Unveils Stablecoin Rules Under GENIUS Act 
Mexico-US Trade Talks Delayed to October as Tariff Negotiations Continue 
Australia Unemployment Hits Five-Year High Despite Strong Jobs Growth 
China Consumer Stocks Near Decade Lows as AI Shares Surge 
Gold Prices Fall as Treasury Yields Rise on Fed Rate Hike Bets 
Fed Unveils Stablecoin Rules Under GENIUS Act 
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Trump to Ease U.S. Fuel-Economy Standards 
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Gold prices surged in Asian trading on Friday, nearing record highs, driven by a weaker U.S. dollar and demand for safe-haven assets amid global uncertainties. Spot gold rose 0.7% to $2,773.91 per ounce, just shy of its record $2,790.41, while February gold futures gained 0.6% to $2,781.39. The yellow metal was set for a 3% weekly gain as U.S. President Donald Trump called for immediate interest rate cuts, pressuring the dollar further.
Trump's address at the World Economic Forum in Davos included calls for lower oil prices and global rate cuts, boosting gold's appeal. Lower interest rates typically benefit gold by reducing the opportunity cost of holding non-yielding assets. The U.S. Dollar Index dropped 0.4% during Friday's Asian session, heading for its worst week in two months, making gold more attractive to foreign buyers.
The market remains on edge as ongoing trade tariff uncertainties and policy-related volatility spur increased demand for safe-haven investments. Other precious metals also benefited, with platinum futures surging 1.6% to $982.85 an ounce and silver futures rising 1.6% to $31.348 an ounce.
Copper prices rebounded on Friday, lifted by the dollar's decline after a week of lackluster performance. London Metal Exchange benchmark copper futures climbed 0.8% to $9,318.50 a ton, while February copper futures jumped 1.3% to $4.3845 a pound.
The weakening dollar, combined with geopolitical and economic uncertainties, continues to drive investor interest in precious metals and commodities, underscoring their role as safe-haven assets in volatile markets.
