Finance

The yield on the benchmark 10-year U.S. Treasury note closed near the 5.00% mark on Friday. Market yields climbed earlier in the week to thresholds not seen since 2023 following the Federal Reserve's decision to enact its first interest rate hike in three years. Shorter-term fixed income instruments also experienced upward pressure, with the 2-year Treasury yield closing at its highest point since July 2024.

Global energy markets experienced a relief rally as Brent crude futures declined roughly 1% to settle around $103.77 a barrel, marking a third consecutive day of losses. Domestic benchmark West Texas Intermediate futures similarly fell to approximately $100.88 a barrel. The retraction in prices was primarily driven by the utilization of alternative Middle East supply networks and the ongoing restoration of Saudi Arabia's East-West pipeline, which successfully alleviated broader supply disruption concerns.

Spot gold prices edged higher to trade near $4,352 per troy ounce, achieving a weekly high and setting the precious metal up for its first weekly gain in a month. Bullion benefited directly from retreating oil prices and a slight easing of the U.S. dollar, which collectively diminished near-term inflation anxieties. However, future gains for the safe-haven asset may remain constrained as the market continues to evaluate the possibility of additional interest rate hikes.