Standard Chartered told clients that the U.S. dollar and Japanese yen could be the most attractive safe havens if gold extends its decline, with gold well below $4,000 an ounce and next support levels at $3,800 and $3,500. Analyst Steve Englander said tech jitters, the equity sell-off and liquidity needs are driving sales of liquid assets such as gold and silver, and that gold's role as a liquidity provider may overshadow its safe-haven role in the short term. Gold's correlation with the dollar has been strongly negative over the past year, suggesting that these flows could reverse. The euro is hurt by political and fiscal uncertainty, the Swiss franc has the lowest yield in the G10, sterling faces political questions, and the Australian dollar is much more volatile. The yen is seen as attractive due to the recent yield pickup in Japanese government bonds and its relatively low valuation.
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Related tickers and likely impact
XAU/USD
▼ Likely negativeRelevance: medium
| Market | Gold |
|---|---|
| Close on 10/30/2026 | 3,875.51 |
| Change that session | -3.63% |
USD/CHF
• NeutralRelevance: low
| Market | Currencies |
|---|---|
| Close on 10/30/2026 | 0.82503 |
| Change that session | +0.09% |
USD/JPY
• NeutralRelevance: low
| Market | Currencies |
|---|---|
| Close on 10/30/2026 | 157.588 |
| Change that session | -0.06% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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