Gold Pulls Back, Novo Nordisk Slides as US Indices Weaken

Global markets showed mixed momentum on 23-24 February 2026, as gold prices retreated from recent highs, Novo Nordisk shares fell sharply following clinical trial results, and major US and Asian indices moved lower amid renewed tariff uncertainty. 

TL;DR

• Gold slipped from a three-week high amid profit-taking and a firmer US dollar.

• Novo Nordisk shares dropped around 15% after its obesity drug trial failed to meet expectations.

• The S&P 500 and Dow Jones Industrial Average declined amid tariff-related uncertainty.

• Broader global sentiment remained cautious, affecting indices such as the Hong Kong 50.

Gold Retreats from Three-Week High

Gold prices fell on Tuesday, 24 February, after hitting a three-week high, as investors took profits and the US dollar strengthened. A firmer dollar typically reduces the appeal of dollar-denominated commodities such as Gold. Despite the pullback, bullion had recently found support from safe-haven demand linked to geopolitical and trade-related uncertainty.

Novo Nordisk Shares Drop on Trial Results

On Monday, 23 February, Shares of Novo Nordisk declined approximately 15% after the company announced that its experimental obesity treatment, CagriSema, fell short of expectations in a key late-stage clinical trial. CNBC reported that investors reacted swiftly to the data, raising questions about the drug's competitive positioning in the fast-growing weight-loss treatment market. Novo Nordisk has been a major player in the obesity drug segment, making the trial outcome closely watched by markets. (Source: CNBC)

S&P 500 and Dow Jones Industrial Average Under Pressure

US equity markets also experienced declines on Monday, with the S&P 500 and the Dow Jones Industrial Average moving lower amid renewed tariff uncertainty and cautious investor sentiment. It seems that broader market weakness, as traders assessed policy developments and macroeconomic risks, contributed to downward pressure across major indices. 

Hong Kong 50 Tracks Global Sentiment

In Asia, the Hong Kong 50 reflected broader global risk trends, tumbling 489 points in Tuesday morning trade, as regional equities are sensitive to developments in US trade policy and shifts in international investor sentiment. Movements in US benchmarks and commodity prices often influence trading patterns in Hong Kong-listed shares, particularly during periods of heightened macroeconomic uncertainty. 

Conclusion

Markets on 23-24 February 2026 reflected a cautious tone, as gold prices eased from recent highs, Novo Nordisk shares declined sharply following clinical trial data, and US indices, including the S&P 500 and Dow Jones Industrial Average, moved lower amid tariff concerns. Global equities, including the Hong Kong 50, continued to track broader macroeconomic developments and policy signals.

*Past performance does not reflect future results. The above is for marketing and general informational purposes only, and are only projections and should not be taken as investment research, investment advice or a personal recommendation.