Spot gold prices surged to $3,340.99 per ounce by late morning, marking a $45 daily gain and capping a week in which bullion rose over 3%—its strongest performance since early April. The rally was fueled by a weakening U.S. dollar and persistent worries over America’s deteriorating fiscal outlook, which have sent investors flocking to safe-haven assets. Silver spot prices are flat at $33. The robust demand for physical gold and silver reflects heightened risk aversion and an increasing preference for tangible assets amid macroeconomic uncertainty.
Meanwhile, the passage of the GENIUS Act stablecoin bill in the U.S. Senate is sending shockwaves through the banking sector, forcing traditional institutions to adapt or risk obsolescence. Major banks—including JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo—are now in advanced talks to jointly launch a consortium-backed stablecoin, aiming to defend their share of deposits and payment volumes from fintech and big tech challengers. The legislation establishes a regulatory framework for both banks and nonbanks to issue stablecoins, accelerating the convergence of traditional finance and digital assets. As stablecoins inch closer to mainstream adoption, banks are compelled to innovate, integrate blockchain-based payment solutions, and reimagine their role in a rapidly evolving financial landscape—or face being sidelined by nimbler competitors.
