Three key events of the day: What drives gold and Bitcoin to record highs

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Three key events of the day

Political crisis in France

France has been hit by a political storm: Prime Minister Sébastien Lecornu resigned just 27 days after taking office without ever presenting his government’s program. His departure deepened divisions in parliament and left President Emmanuel Macron facing a difficult choice — appoint a new prime minister, dissolve parliament, or allow a temporary power vacuum.

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Markets reacted immediately. The CAC 40 index fell, the euro weakened to $1.166, and French bond yields jumped, widening the spread with German Bunds to the highest level since January. Analysts warn that without an approved budget, France could end the year with a deficit exceeding 5% of GDP, while political uncertainty continues to weigh on investor sentiment across the eurozone.

OpenAI–AMD deal

The biggest agreement in the artificial intelligence industry became a major driver for tech stocks: OpenAI will acquire up to 10% of AMD and purchase 6 gigawatts of Instinct GPUs over the next several years. The deal, worth tens of billions of dollars, strengthens AMD’s position as a key competitor to Nvidia.

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AMD shares jumped 24%, adding more than $60 billion in market value, while Nvidia slipped around 1%. The partnership reduces OpenAI’s reliance on a single supplier and sent a strong signal to the entire market. Companies mentioned during OpenAI’s presentation — Figma, HubSpot, and Salesforce — also gained between 2% and 7%.

U.S. shutdown and record gold price

The U.S. government shutdown, now in its second week, is increasing uncertainty in the markets. Investors remain without key economic data, and the Federal Reserve struggles to assess the state of the economy. Against this backdrop, gold surged to $3,977 per ounce, up 1.9%, hitting an all-time high.

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Markets are almost fully pricing in Fed rate cuts in October and December, with probabilities exceeding 80%. Gold has risen 51% year-to-date thanks to central bank buying and ETF inflows, while Goldman Sachs raised its December 2026 forecast to $4,900 per ounce.

Global market reaction

Political turmoil in France and Japan has increased volatility in currency and bond markets. The yen remains weaker than 150 per dollar, the euro is under pressure, and the U.S. dollar continues to strengthen despite the shutdown.

In commodities, Brent crude rose to $65.7 and WTI to $61.9 following OPEC+’s cautious decision to raise production by only 137,000 barrels per day. Gold and Bitcoin are serving as key safe-haven assets: BTC hit a new record at $126,200, ETH climbed to $4,700, and altcoins continue to rise.

Stock markets were mixed: Nasdaq and S&P 500 slightly retreated from record highs, while the MSCI Asia-Pacific index hit a new peak on Japan’s rally. Investors remain split between recession fears and rate expectations, increasingly turning to AI, precious metals, and crypto as the new “safe havens.”

Previously, on October 5, the global focus was on the Middle East and Eastern Europe: peace talks between Israel and Hamas in Egypt, protests in Georgia following disputed elections, parliamentary results in the Czech Republic, and an OPEC+ decision to boost oil output.

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