US Dollar Slides as Gold Tops $4,300
Forex Today: US Dollar Weakens Further as Gold Extends Record Run Above $4,300
Gold’s powerful uptrend shows no signs of slowing, with prices surging beyond the $4,300 mark on Friday as investors seek safety amid global uncertainty. The US Dollar (USD) continues to slide against major peers, pressured by fragile risk sentiment tied to the ongoing US government shutdown and renewed geopolitical tensions with China.
US Dollar Performance This Week
The table below shows the percentage change of the US Dollar (USD) against key global currencies this week. The greenback was weakest against the Swiss Franc, reflecting rising demand for safe-haven assets.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF |
|---|---|---|---|---|---|---|---|
| USD | — | -0.69% | -0.60% | -1.50% | 0.49% | 0.90% | 0.46% |
| EUR | 0.69% | — | 0.10% | -0.75% | 1.18% | 1.71% | 1.16% |
| GBP | 0.60% | -0.10% | — | -0.84% | 1.08% | 1.56% | 1.06% |
| JPY | 1.50% | 0.75% | 0.84% | — | 1.94% | 2.37% | 2.01% |
| CAD | -0.49% | -1.18% | -1.08% | -1.94% | — | 0.37% | -0.01% |
| AUD | -0.90% | -1.71% | -1.56% | -2.37% | -0.37% | — | -0.49% |
| NZD | -0.46% | -1.16% | -1.06% | -2.01% | 0.00% | 0.49% | — |
| CHF | 1.50% | 0.84% | 0.96% | 0.08% | 2.01% | 2.52% | 2.00% |
The heat map above displays percentage changes among major currencies. The left column lists the base currency, while the top row lists the quote currency.
Gold Benefits from Safe-Haven Demand
A risk-off tone dominated markets on Thursday, propelling gold higher as investors fled to safety. Renewed concerns over regional banks’ loan quality weighed on Wall Street, while the benchmark 10-year US Treasury yield slid below 4%—its lowest since early April. The move provided strong tailwinds for XAU/USD, which now holds near $4,350 in early Friday trading. Meanwhile, the US Dollar Index (DXY) continues to decline toward 98.00, down nearly 0.7% since Monday.
US equity futures are trading lower between 0.6% and 0.9%, signaling continued caution among investors ahead of key industrial production data later today.
Euro and Pound Hold Gains
In Europe, French Prime Minister Sébastien Lecornu survived two no-confidence votes, clearing the way for budget debates through year-end. The euro held steady above 1.1700 against the USD ahead of Eurostat’s revisions to September’s Harmonized Index of Consumer Prices (HICP).
The British pound extended gains on Thursday, climbing to a 10-day high above 1.3450. GBP/USD remains steady near that level as markets await speeches from Bank of England Chief Economist Huw Pill and policymaker Megan Greene.
Yen Strengthens as Dollar Retreats
The USD/JPY pair continues its four-day losing streak, sliding toward 149.50 as the yen benefits from risk aversion and softer US yields. The pair has lost over 0.5% on the day, underscoring the dollar’s broad weakness.
