FTSE hits record high as gold and oil tumble

Group 1: Market Performance - The FTSE 100 reached a record high of 10,342 points, closing up 1.15% despite declines in gold and oil prices [4][6][8] - The FTSE 250 also hit a four-year high of 23,426 points, indicating strong performance in the mid-cap sector [6][8] - European stocks rallied, with France's CAC rising 0.8% and Germany's DAX advancing 1.1%, while the continent-wide Stoxx 600 index climbed just over 1% [9] Group 2: Commodity Prices - Gold prices fell sharply, down 3.6% to $4,649 an ounce, compared to nearly $5,600 the previous week, marking a significant decline [5][53] - Silver experienced a dramatic drop, plunging 30% on Friday and an additional 7% to $78.47, far below its record high of $121 [5][53] - Brent crude oil prices decreased nearly 5% to $66 a barrel, influenced by geopolitical developments and market sentiment [5][62] Group 3: Natural Gas Market - US natural gas futures dropped 26% to $3.21 per million British thermal units, marking the largest decline in 29 years due to forecasts for warmer weather [2] - Europe's TTF benchmark gas price fell 16.5% to €33.32 per megawatt-hour, easing supply concerns amid milder temperature predictions [2] Group 4: Bitcoin and Cryptocurrency - Bitcoin hit a 10-month low, falling below $80,000, with significant losses attributed to a broader market sell-off [3][50] - The CEO of the UK's largest Bitcoin company reported a loss of nearly $100 million but expressed intentions to continue purchasing Bitcoin [11][12] Group 5: Federal Reserve and Economic Outlook - The nomination of Kevin Warsh as the next Federal Reserve chairman has led to market volatility, with expectations of tighter monetary policy impacting investor sentiment [20][43] - Analysts predict that Warsh may lower interest rates while simultaneously reducing the Fed's balance sheet, aiming to support economic growth without increasing inflation [35][38]