Trading in many global stocks was light during the holiday, and metals soared again, with gold, silver, and copper all reaching new highs.

Stock markets across many countries worldwide were closed, resulting in thin market trading activity. Following a brief correction the previous day, the metals sector rallied collectively; gold, silver and copper prices continued to hit record highs, while platinum and palladium also moved upward in tandem.

On December 26th, US stock index futures edged lower. Major European stock markets (Germany, France, the UK, Italy) remained closed for the holiday, leaving Asian markets with thin trading. Japan’s TOPIX index hit a new high, while markets in Australia, New Zealand and others were also closed. US Treasury yields trended upward, whereas Japan’s long-term government bond yields pulled back. The US dollar rose slightly; offshore Renminbi weakened modestly after breaking below the 7.0 level, the Japanese Yen depreciated marginally, and the South Korean Won rebounded to its highest level since early November. Metals and crude oil strengthened, and cryptocurrencies moved higher.

The broad-based rally in the metals market reflects investors’ profound anxiety about the macro environment and urgent demand for physical assets. On one hand, expectations of Federal Reserve interest rate cuts coupled with a sharp decline in the US dollar have reduced the cost of holding commodities. On the other hand, national security investigations into critical minerals, escalated sanctions against Venezuela, and geopolitical uncertainties in the Middle East and Africa have significantly boosted market risk aversion and hoarding sentiment.

According to Wall Street News, Kelvin Wong, Senior Market Analyst at OANDA, commented:

"Since early December, momentum-driven trading and speculative activities have been propelling the prices of gold and silver upward. Factors including year-end liquidity shortages, expectations of prolonged US interest rate cuts, a weaker US dollar, and escalating geopolitical risks have jointly pushed precious metal prices to record highs. Looking ahead to the first half of 2026, gold prices may head toward $5,000 per ounce, while silver prices could reach around $90 per ounce."

The key market movements are as follows:

- Dow Jones Industrial Average futures fell 0.17%; S&P 500 futures dipped 0.03%; Nasdaq 100 futures were roughly flat.

- Nikkei 225 closed up 0.7% at 50,750.39 points; Japan’s TOPIX closed up 0.1% at 3,423.06 points; South Korea’s KOSPI closed up 0.5% at 4,129.68 points.

- The yield on the 10-year US Treasury note rose 2 basis points to 4.15%.

- The Japanese Yen fell 0.2% against the US dollar to 156.19; the offshore Renminbi exchange rate against the US dollar was basically flat at 7.0041; the South Korean Won once rose 1.2% against the US dollar to 1429.85.

- Spot gold was last traded at $4,510.54 per ounce, hitting an intraday high above $4,530 per ounce to set a new all-time high; spot silver was quoted at $74.62 per ounce, breaking through $75 per ounce at one point during the day to extend its record high with an intraday gain of over 4.5%.

- WTI crude oil rose nearly 0.3% to $58.52 per barrel.

- Bitcoin climbed 1.3% to $89,020.81; Ethereum advanced 1.1% to $2,976.44.

Offshore Renminbi was last at 7.0061. The central parity rate of the Renminbi against the US dollar was set at 7.0358 today, an increase of 34 basis points, hitting a new high since September 30, 2024. On Thursday, offshore Renminbi broke above the key psychological level of 7.0 for the first time since September 2024. According to Wall Street News, Zhaopeng Xing, Senior Strategist at Australia & New Zealand Banking Group, opined that the signal sent by the central parity rate setting indicates that the People’s Bank of China does not want the Renminbi to appreciate too rapidly. This is consistent with the central bank’s commitment at its recent quarterly monetary policy meeting.

The Japanese Yen reversed its upward trend and weakened slightly, with the USD/JPY exchange rate falling 0.2% to around 156.17. Japan’s inflation slowed more than expected, driven by easing price pressures on food and energy, leading to growing market expectations that the Bank of Japan will delay interest rate hikes.

The South Korean Won extended its gains from the previous day, once rising 1.2% against the US dollar to 1429.85, rebounding to its highest level since early November. Earlier, South Korean authorities conducted verbal intervention over the recent weakness of the Won and announced a new package of tax measures to help stabilize the foreign exchange market.

Gold prices staged a steady rebound, trading above $4,500 per ounce, with the latest quote at $4,510.54. The price hit an intraday high above $4,530 per ounce, setting another record high.

Spot silver posted a fifth consecutive trading day of gains on Friday, last quoted at $74.62 per ounce. It broke through $75 per ounce at one point during the day, with an intraday gain of over 4.5%, continuing to set a new all-time high.

A weaker US dollar and investor bets on tightening global copper supply in 2026 sent Shanghai copper surging to a record high, while New York copper prices also moved higher.

WTI crude oil rose nearly 0.3% to $58.52 per barrel. Traders are closely monitoring the partial US blockade on Venezuelan crude oil shipments and Washington’s military strikes against terrorist groups in Nigeria.

## Risk Warning and Disclaimer

The market is risky, and investment requires caution. This article does not constitute personal investment advice, nor does it take into account the specific investment objectives, financial situations, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article are consistent with their specific circumstances. Any investment made based on this article shall be at the investor's own risk.