U.S. Treasury Secretary Scott Bessent is advancing a long-term bond buyback plan, saying each operation will repurchase at least an additional $2 billion of long-dated Treasuries through Nov. 4. Markets read the move as a signal aimed at containing funding costs and stabilizing the bond market. After the announcement, gold extended gains, rising 2.4% on Friday and 5.9% in total. Silver and platinum also jumped, up 8.6% and 9.3%, respectively.

An AI investment boom among the five largest hyperscale tech companies has pushed up perceived credit risk in their bonds. Hyperscalers’ outstanding bonds maturing in 2035 now yield 5.7%, with the spread over the 10-year U.S. Treasury widening to 1.05 percentage points from 0.44 percentage points a year earlier, according to LSEG data. Credit default swap costs for Oracle and Alphabet have also risen sharply, even as U.S. Treasury yields climbed to their highest level since 2007.

U.S. retailer Target raised its full-year earnings outlook after reporting strong sales, sending its shares up 6%. The move points to resilient consumer demand and improved operating efficiency. It has also prompted a more upbeat reassessment of the retail sector by the market.

MCX gold and silver futures edged lower in early trade on August 19 as higher oil prices, amid stalled U.S.-Iran talks, reinforced expectations of a Federal Reserve rate hike. October gold futures fell 0.03% and September silver futures dropped 0.93%. Brent crude extended gains for a fourth straight session to near $92 a barrel after U.S. President Donald Trump said no negotiations were underway with Iran and disputed Tehran’s claim that the Strait of Hormuz remained closed to shipping.

Patanjali Foods Limited reported its first-quarter results, with net profit surging 86% year on year and revenue reaching a record high. The stock is expected to be in focus on Monday. The strong profit growth and record revenue highlighted the company’s operating performance. Investors reacted positively to the update.

Alphabet’s early investment in SpaceX has surged in value. The company invested $900 million in 2015 and, after SpaceX’s $86 billion initial public offering in June, became the largest single institutional holder. As of the end of June, Alphabet reported the stake at about $94 billion, and at Thursday’s share price it would be worth about $77.9 billion, or 86.5 times the original investment.

Gold posted a strong August performance, gaining 9% over the month. The move was driven by a weaker U.S. dollar index, which made dollar-priced gold more attractive to holders of other currencies. It was also supported by firmer expectations that the Federal Reserve could ease policy, lowering the opportunity cost of holding non-yielding gold and lifting demand.

Gold fell on Thursday after US wholesale inflation slowed more than expected in July, helped by declines in energy and food costs. The data cooled markets’ expectations for a September Federal Reserve rate increase. Bullion slid as much as 1.5% to $4,343.91 an ounce, breaking below the $4,400 level. Silver also weakened, falling 1.4% to $64.42 an ounce.

ASX Ltd. shares jumped 9% after the exchange operator pointed to buoyant demand for new listings. The company said it listed 100 new entities in the 12 months through June, up 45% from a year earlier. Net income fell 3.5% to A$484.9 million, missing the A$509.3 million average analyst estimate in a Bloomberg survey, as total expenses rose 21%. ASX also guided for fiscal 2027 spending of A$170 million to A$190 million and declared a final dividend of A$1.047, down from a year ago.