Gold has long held its place as a safe-haven asset, an instrument of stability during periods of elevated uncertainty, geopolitical stress, and market volatility. In risk-off environments, when investors seek to preserve capital and reduce exposure to risk assets such as equities and high-yield bonds, gold demand typically strengthens. Its historical role as a store of value makes it a natural refuge during times of systemic risk. Conversely, during risk-on phases, when investor sentiment turns optimistic and capital chases higher returns, gold often underperforms as flows shift toward equities, cyclical commodities, and other yield generating assets. Financial market volatility is often seen as a proxy for investor anxiety. Rising volatility particularly in equities, currencies, or credit markets can heighten demand for gold. However, this relationship is nuanced and not always linear. While gold generally benefits from spikes in volatility, its correlation can weaken in certain conditions. This is particularly so when gold temporarily behaves like a risk asset during liquidity crunches or broad-based sell-offs.During policy responses for example aggressive rate hikes or coordinated central bank action distort gold’s traditional market behavior. Historical patterns suggest that under normal conditions, rising volatility tends to support gold. But in extreme systemic crises, gold may experience brief selloffs before resuming its safe-haven role. When there is Risk-Off sentiment, gold tends to outperform alongside government bonds and safe-haven currencies such as the Japanese Yen (JPY) or Swiss Franc (CHF). Heightened uncertainty leads to increased gold allocations by both institutional and retail investors. Inversely during Risk-On sentiment, optimism in markets sees flows redirecting to growth assets like equities and emerging markets, reducing the relative appeal of gold. Prices may stagnate or trend lower during such cycles. Overall, gold serves as a barometer of global risk sentiment, responding dynamically to changes in geopolitical risk, interest rate expectations, and capital flows. Gold is currently trading above $3,300 per ounce, staging a modest rebound after a brief correction in late June. Gold prices remain up nearly 38% year-over-year, having reached all-time highs above $3,400 in April 2025.   The short-term outlook appears consolidative, with gold stabilizing after an extended rally earlier this year. However, the medium-term trend remains bullish, underpinned by a confluence of macroeconomic and geopolitical factors. Key Drivers Shaping Gold’s Current Trend US Dollar and Interest Rate Expectations Continued US dollar weakness remains a tailwind for gold, making it more attractive to foreign investors. The Federal Reserve’s cautious stance on rate cuts is being closely watched. While the market anticipates future easing, uncertainty around timing has contributed to recent price consolidation. Rate cuts would typically lower the opportunity cost of holding gold and spur demand. Escalating trade conflicts and tariff threats, particularly involving the US and major trading partners, have boosted safe-haven inflows. Ongoing geopolitical flashpoints notably in the Middle East and Eastern Europe continue to underpin a risk premium in gold prices. Central banks remain net buyers, especially in emerging markets. China has resumed purchases following a brief pause, reinforcing gold’s bullish sentiment. Retail and institutional demand across Asia, particularly in China, has surged amid economic uncertainty and tightening controls on alternative investments. Mixed US economic data including signs of a softening US labor market and sticky inflation have intensified speculation around a US Fed policy pivot, which supports gold. Overall market sentiment remains cautious, caught between periods of equity market rallies and flight-to-safety behavior. Inflationary Pressures and Fiscal Concerns Persistent inflation and growing concerns around US fiscal sustainability and deficits are increasing gold’s appeal as a hedge against currency debasement and long-term price instability. In conclusion gold is at a Crossroads of Risk and Policy. Gold remains elevated and resilient, consolidating at historically high levels. Its recent price action reflects a temporary pause following strong gains, with the potential for further upside should any of the following materialize, a renewed leg lower in the US dollar, clearer signals from the US Federal Reserve on rate cuts and an intensification of geopolitical or economic shocks. Gold continues to function not just as a passive store of value but as an active hedge against systemic risk and policy uncertainty. Understanding its interaction with volatility, sentiment, and macroeconomic variables is crucial for investors seeking to navigate the complex risk environment of 2025. This article was written by Terence Hove, Senior Financial Markets Strategist at Exness

AC Milan winger Samuel Chukwueze has emphasised the positive atmosphere at the club, declaring that everyone is happy and working hard despite ongoing speculation about his future at the San Siro. The Nigeria international made these comments following Milan’s impressive 9-0 victory over Perth Glory on Thursday, which wrapped up their pre-season tour in Australia. Chukwueze scored one of the nine goals alongside strikes from Filippo Terracciano, Christian Comotto, Samuele Ricci, Yunus Musah, and two each from Noah Okafor and Rafael Leao. Speaking to MilanTV after the match, Chukwueze praised new coach Massimiliano Allegri whilst highlighting the squad’s unity. “Coach Allegri is a great coach—everyone knows that. He has won a lot throughout his career, and now that he’s here, he’ll aim to win trophies with Milan as well,” Chukwueze said. “He’s excellent at working with players; he understands what they want and what he needs from them, both in terms of defence and attack.” The Super Eagles winger painted a picture of harmony within the Milan dressing room, revealing the lighter side of professional football. “Everyone is happy and working hard, and there’s a fantastic atmosphere in the dressing room. Some teammates even dance, and I’m one of them,” he said with a laugh. “Having fun makes everything easier.” The 26-year-old reflected positively on the comprehensive victory against Perth Glory, viewing it as crucial preparation for the upcoming Serie A campaign. “We’re pleased to have won two matches. It was a good game. Every match during pre-season is important to prepare us for the start of Serie A,” he said. “The win reminds us that we need to keep working hard and stay focused on the upcoming challenges. It doesn’t matter if we’re facing a small or big team; we must strive to win every game to achieve our season goals.” Chukwueze emphasised the importance of maintaining a positive mindset both on and off the pitch, offering insight into his philosophical approach to football. “You always need to smile and take joy in what we do. Football can be stressful at times, leading you to dwell too much on what you can’t accomplish, but it’s vital to smile and remain happy,” he explained. “When you’re happy, everything falls into place, allowing you to play with the right mindset, which impacts football and every other aspect of life. When things go well, smile; when they don’t, smile nonetheless. The most important thing is to focus on yourself.” He added, “There’s a time to joke and a time to concentrate. Now that our work is done, we can indulge in some fun.” Chukwueze’s positive comments come amid ongoing speculation about his future at Milan, with Fulham reportedly opening discussions about a potential move for the Nigeria international. According to journalist Nicolo Schira, the London club have begun negotiations with Milan for the winger, who has been deemed surplus to requirements at the Italian giants.

Tottenham captain Son Heung-min said on Saturday that he will leave the club this summer after a decade in north London. The 33-year-old attacker joined the Premier League side from Bayer Leverkusen in 2015 and went on to play more than 450 times for Spurs. In May he lifted the Europa League trophy but he had a poor season overall by his high standards and struggled with a series of leg injuries. “Before we start the press conference I wanted to say I have decided to leave the club this summer,” the South Korean told reporters in Seoul, where Tottenham are on a pre-season tour. “Respectfully the club is helping me with this decision.” Son, who has scored 173 goals for Spurs, did not say where he intends to go next and cut an emotional figure. He has been linked with a move to the MLS in the United States. “It was the most difficult decision I have made in my career. Such amazing memories. It was so hard to make the decision,” Son said, flanked by new Tottenham boss Thomas Frank. “I need a new environment to push myself. I need a little bit of change — 10 years is a long time. I came to north London as a kid, 23 years old, such a young age. “I leave this club as a grown man, a very proud man.” Speaking in Korean, Son said that winning a European trophy — Tottenham’s first European crown in 41 years — played “a big part” in his thinking. “Winning a title in Europe felt like I had achieved everything I possibly could,” he said. “I spent a lot of time reflecting on whether I wanted to experience football in a different environment, and I had those conversations with myself over and over again.” Frank, who joined Spurs from Brentford in June, paid tribute to the South Korean skipper. “For me, personally, I would have loved to have worked with this fantastic person and player,” said the Dane, who took over from the sacked Ange Postecoglou. “He is a true Spurs legend in every aspect, one of the greatest players to play in the Premier League.” Spurs will face Newcastle United on Sunday in Seoul, and Son is guaranteed a rapturous reception in front of his home fans. Spurs have had a fairly quiet summer in the transfer market so far, with attacking midfielder Mohammed Kudus from West Ham their only major acquisition. Morgan Gibbs-White had looked set to follow from Nottingham Forest but a £60 million move broke down. AFP

Rave of the moment in the men’s 100m, Kanyisola Ajayi, women’s 100m rising star Prestina Ochonogor and hammer-throw specialist Sade Olatoye were the standout athletes on day one of the 2025 Athletics Federation of Nigeria National Trials, currently taking place at the Yaba College of Technology in Lagos, PUNCH Sports Extra reports. The trials, which had earlier been scheduled to hold in Abeokuta, Ogun state, prior to the late change in venue, will serve as a qualification event for the World Athletics Championships set to take place in Tokyo, Japan, in September. The opening day of competition at Yabatech saw elite athletes take to the track and field in their respective disciplines, with Ajayi winning heat one in the men’s 10 event in a time of 10.05s, while Israel Okon powered to a new Personal Best time of 10.03s to win heat two. Fakorede Nicholas also clocked a new Personal Best mark of 10.06s to win heat three. Meanwhile, Tokyo 2020 Olympic Games finalist Enoch Adegoke put in a commendable 10.14s to win heat four, Alaba Akintola clocked 10.08s to win heat five, Olaolu Olatunde improved on his lifetime best by running a time of 10.13s to win heat six, Seye Ogunlewe took heat seven in a time of 10.18s, while Temitope Bello and John Caleb both won heats eight and nine, respectively. In the women’s 100m category, Ochonogor continued her preparations for the forthcoming World Championships with victory in a time of 11.48s to win heat one, ahead of Precious Nzeakor and Faith Osamuyi, who ended up in second and third place respectively. The women’s Discus event was evenly matched, but Chioma Onyekwere successfully defended her national title ahead of close friend Obiageri Amaechi, who could only manage a throw of 59.39m. The win saw Onyekwere win her third national title out of the five championships she has participated in. The competition continues on Saturday (today), with more athletes bidding to reach the qualification standard times, which will be sufficient to seal a spot at the World Championships.