He Gold price It is a reflection of the uncertainty of investors around the world. If there is one thing that shaped the markets in 2025, this was it Volatility. The precious metal has seen a strong and sustained rise throughout the year, a sign that brokers have decided to hedge. The other haven was US Treasuries, whose yield fell to 4.17% due to greater demand. Their return at the beginning of the year was 4.80%.
Gold that rose $4,490 per ouncelaunched in 2025 with a price of $2,470. He’s had one so far this year Increase of almost 69% and beat almost every major stock except Google, which gained 120%.
Something similar is happening in Argentina. None of the leading stocks or the overall panel made it to gold metal, which helped Central bank reserves which consists of 1.2 tons of gold and accounts for 15% of the total. This is why BCRA holdings increased by $224 million yesterday $42,637 million.
The fact that the government agrees to the approval Budget 2026 Without Article 11, it did not satisfy investors, although the measure was taken to maintain authorization to issue dollar-denominated debt next year, apart from a significant cost reduction. The government is counting on it go to the market within 3 or 4 months if the country risk is around 450 basis points220 units less than currently, where it remains at 570 integers.
The Government bonds did not respond despite recommendations from abroad to present them as a good short-term purchase. The most sought-after titles under foreign law ranged between slight surcharges and discounts. The result was neutral.
For their part, fixed-rate peso instruments slightly improved their performance due to the fall in prices. Between the end of February and June, the effective monthly return is between 2.21% and 2.38%. CER bonds look more attractive as they exceed the annual inflation rate by 5 points.
At the same time, the Financial dollars They were stable. The MEP closed at $1,493 and the Cash with Settlement (CCL) fell to $1,542. The “Blue” rose from $20 (1.30%) to $1,505 as the bonus effect and seasonal holiday demand are felt.
On the Free Exchange Market (MLC), $466 million was traded and the wholesale dollar closed with a slight increase of $2 to $1,452 after hitting a floor of $1,448.
According to the consulting firm F2 led by Andrés Reschini, “The wholesaler had an official presence to try to keep him in check and that may still have cost the Treasury a few million, which we will know once the official data is available. The Breakevens Inflation rates rose slightly again and this means one highest upper band after February. The bonuses dollars linked and futures, which operate with a more limited volume. The last five positions in the futures recorded no operations and in the shortest section the adjustments left tentative red numbers.”
The report adds that “the The market continues to bet on continued inflation and this results in higher costs for the Treasury to maintain the exchange rate while it awaits developments in parliamentary matters to approve the 2026 Budget.”
The stock market fell from high to low. The S&P Merval of leading stocks failed to stay in positive territory and started falling after midday Closing price 0.1% in the red. The increases were selective; The best value was VALO Bank with 2.6%. Due to the sharp rise in oil that continued in the after-market prices last night, the YPF continued to rise.
A low volume wheel is expected this Tuesday due to the proximity of the holidays, which will push some big hands out of the market.
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