Fed holds steady, S&P 500 hits 7,000 and gold smashes records

The US Federal Reserve left rates unchanged and struck a data‑dependent tone, even as political pressure around the central bank intensifies. The S&P 500 briefly crossed 7,000 before paring gains, tech earnings from Meta, Microsoft and Tesla sent mixed signals after the close, and European markets fell on volatile moves in ASML and LVMH. The US dollar rebounded on comments from Treasury Secretary Bessent, while geopolitical tensions pushed oil higher and gold surged above USD 5,500 as silver and copper also reached record highs. Today we are joined by Carsten Menke, Head of Next Generation Research, for a timely update on precious metals and why fundamental analysis cannot explain the most recent moves upwards.

• (00:00) - Introduction: Helen Freer, Product & Investment Content
• (00:27) - Markets wrap-up: Lucija Caculovic, Product & Investment Content
• (06:31) - Precious metals: Carsten Menke, Head of Next Generation Research
• (10:56) - Closing remarks: Helen Freer, Product & Investment Content

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