European stock markets are trading at a two-speed high, as gold prices soar.

European stock markets ended the week at a two-speed pace, lacking stimulus and trading on low volumes, as is often the case in August. London closed slightly lower, Frankfurt at parity, and Paris and Milan rose. Milan, which outperformed other markets, rose 0.72%, again driven by banks. Some industrial stocks, such as Stellantis, gained more than 1%.

But today it's the price of gold that's making the headlines: following the Financial Times's report that the Trump administration might introduce tariffs on gold bullion imports, futures have touched and surpassed $2,500 an ounce, a historic record in a period of uncertainty that had already caused prices to soar in recent months.

Oil prices are also rising again, after six consecutive sessions of decline: Brent crude is back near $67 a barrel, still more than 4% lower than at the end of last week. The euro-dollar is stable at 1.1660.