Investors Flee Crypto, Chase Gold as Trade Tensions Escalate

The global financial markets entered November 2025 with a mixed tapestry of performance across asset classes, as investors navigated shifting macroeconomic signals and policy uncertainties. In the crypto sphere, Bitcoin closed October with an 8.5% decline, shattering its six-year "Uptober" streak and marking the first red October since 2018, according to a CoinDesk analysis. The selloff, triggered by President Trump's October 10 threat of steep tariffs on China, saw tens of billions in derivatives liquidated and over half a trillion dollars in market value evaporate, the report said. While BNB bucked the trend with a 4.2% gain, major cryptocurrencies like Ethereum, Solana, and XRP remained stuck below early-month highs.

Gold emerged as a standout performer, surging to fresh highs amid escalating trade tensions and central bank demand. J.P. Morgan Research projected gold prices averaging $3,675/oz by Q4 2025, with a target of $4,000/oz by mid-2026. The bank attributed the bullish outlook to structural shifts in demand, including central banks' projected 710-tonne quarterly purchases and investor appetite for safe-haven assets. An ODI analysis reinforced this narrative, highlighting gold's role in central bank balance sheets as a diversification tool against U.S. dollar risks, with holdings accounting for 25% of official reserves by mid-2025.

Equities saw robust results from energy giants, with Chevron reporting record production and cash flow in Q3 2025, according to a TS2 Tech premarket note. The company's adjusted EPS of $1.85 beat estimates, driven by a 21% year-over-year increase in upstream volumes to 4.1 million barrels of oil equivalent per day. Despite lower oil prices, Chevron's downstream profits surged 91%, and it returned $6 billion to shareholders through dividends and buybacks. Analysts at UBS and Wells Fargo raised price targets to $190–$197, citing the company's cost discipline and $12.5 billion free cash flow guidance for 2026.

Bonds markets saw activity from Indian financials, as Aditya Birla Capital announced plans to reissue 7.2959% 2028 and 7.6043% 2035 bonds, raising up to ₹8 billion ($90.08 million), according to a TradingView report. The reissue, offering yields of 7.31% and 7.58% respectively, reflects the firm's strategy to optimize debt structures amid fluctuating interest rates.

Market dynamics remained sensitive to U.S. dollar movements and geopolitical developments. Gold prices edged up 0.3% to $4,014.59/oz as the dollar index slipped, while easing U.S.-China trade tensions tempered safe-haven demand, in an Economic Times analysis. Analysts noted that gold's near-term trajectory would depend on upcoming economic data and Federal Reserve policy cues, with a hawkish stance limiting upward momentum.