Gold Approaches $4,700 as Bitcoin Hovers Around $80,000 Amid Global Market Uncertainty

Global markets were mixed last week as gold approached $4,700 and Bitcoin hovered around $80,000. US equities recovered towards the end of the week, supported by strong Nvidia earnings and renewed optimism around AI spending.

The Nasdaq led the gains after Nvidia delivered stronger-than-expected earnings and an upbeat revenue outlook. The company's shares sharply increased, reviving confidence in the broader AI trade.

Gold had a strong run, climbing to a 15-week high of $4,697 before correcting towards the $4,580-$4,600 area. However, hot PCE inflation data and renewed expectations for a Fed rate hike put pressure on gold later in the week.