Another week marked by intense volatility across financial markets. Trade tensions, geopolitical flare-ups, and a collapse in the bond market — each day brought its share of news, turning global exchanges into a true roller coaster.

But beyond the noise, one thing is clear: gold has once again emerged as the big winner amid the turmoil. The metal ended the week with a double record close — both on a daily and weekly basis.

The major economic event of the week was not the sharp drop in equity markets followed by a dramatic rebound, but rather the unexpected surge in U.S. interest rates.

Contrary to typical market behavior — where bonds act as a safe haven during stock market sell-offs (pushing yields lower) — this time, long-term yields spiked. The U.S. 10-year Treasury hit 4.5%, and the 30-year approached 5%, a move unseen since 1982.

This shockwave, mirrored in Japan as well, reflects a growing loss of confidence in the bond market — particularly in the U.S. government’s ability to finance its debt amidst rising trade tensions. The White House was even forced to backtrack: Donald Trump suspended part of the tariffs he had just announced, not because of the stock market’s decline, but in response to the panic in the Treasury market.

The reversal triggered a sharp rebound in equities, but failed to calm the surge in yields. Short-term rates have resumed their upward trajectory, making a swift Fed pivot toward rate cuts increasingly unlikely.

Amid this unstable environment, gold has emerged as the true winner. After a modest pullback due to margin calls, the yellow metal surged $100 in a single day following Trump’s policy retreat. Gold is clearly reclaiming its role as a crisis stabilizer, outshining U.S. Treasuries, which are themselves losing their safe-haven status.

Meanwhile, the rising premium on gold contracts in Shanghai highlights tightening supply conditions in China and anticipates further upside momentum. With persistently high rates, growing systemic instability, and an approaching U.S. debt wall, physical gold is reasserting itself as the ultimate safe-haven asset — in a world where even sovereign debt is no longer viewed as risk-free.