Finance

Surging government debt yields continued to weigh heavily on financial markets throughout the week, with yields on the 10-year Treasury note holding above 4.73% and 30-year bonds reaching around 5.27%. Although Treasury Secretary Scott Bessent announced expanding long-term debt buybacks to inject liquidity, borrowing costs remained near multi-year highs. The persistent pressure from the bond market particularly disrupted interest-rate-sensitive technology shares and clouded the broader stock market outlook.

Cryptocurrencies surged over the week, with Bitcoin posting a gain of roughly 22% to cross the $77,000 threshold and logging its best weekly performance since early 2024. Digital assets found strong tailwinds after President Donald Trump urged legislative clarity regarding crypto regulations and the Treasury Department expanded its debt buyback programs. Furthermore, growing market anxieties regarding the expanding U.S. budget deficit and a sliding dollar reignited interest in alternative hard assets.

Precious metals extended their upward momentum as the U.S. dollar index slid to multi-month lows. Gold prices surged toward their best monthly performance in decades, heavily supported by liquidity injections stemming from the Treasury's buyback strategies. The subsequent combination of a weaker dollar and heightened geopolitical tensions in the Middle East led investors to turn to hard commodities, bolstering the shares of top mining corporations.