Gold Surges Past $2100 as Stocks Experience Mixed Performance

Global shares were mixed as gold reached all-time highs above $2,100, while investors await economic data that will test market expectations of rate cuts from major central banks next year. European retailers experienced a "Santa Rally," but losses in the basic resources index offset the gains. Attacks on commercial vessels in the Red Sea raised concerns about the Israel-Hamas conflict. Analysts and traders are focused on the U.S. November payrolls report, which needs to support the economic soft-landing scenario without threatening the chance of easing. Futures now imply a 60% chance of a Fed rate cut in March. The turnaround in Treasuries led to profit-taking, pushing yields on 10-year notes up to 4.25%. The dollar rose against a basket of currencies, while gold hit a record high before sliding back. Oil prices dropped on doubts about OPEC+ maintaining output cuts.