Global market risk aversion surged this week, yet traditional safe-haven assets showed significant divergence: Gold fell below $4,000 per troy ounce on Friday, hitting a three-month low of $3,986.50, with a cumulative weekly decline of 4%. Meanwhile, the Japanese Yen rose to a one-year high of 175.20 against the Euro, influenced by French fiscal concerns, and the USD/JPY fell to a five-week low of 156.08. The U.S. 10-year government bond yield dropped below 5% on Thursday for the first time in a month, becoming the most favored safe-haven destination this week. Berenberg analysts warned that a close below the $4,000 mark for gold could trigger further outflows from gold ETFs and technical selling in the gold equities sector.