Global stock markets are closed with light trading, while metals soar again, with gold, silver, and copper reaching new highs

Global stock markets in multiple countries are closed, and trading is light. After a brief adjustment yesterday, the metal sector has collectively strengthened, with gold, silver, and copper prices reaching new highs, while platinum and palladium have also risen in tandem.

On December 26, U.S. stock index futures fell slightly, while major European stock markets (Germany, France, the UK, and Italy) were closed for the holiday, and trading in Asian markets was light. The Tokyo Stock Exchange index hit a new high, and markets in Australia and New Zealand were also closed. U.S. Treasury yields rose, while Japanese long-term government bond yields fell. The U.S. dollar rose slightly, the offshore renminbi weakened slightly after breaking 7, the yen depreciated slightly, and the won rebounded to its highest level since early November. Metal and oil prices strengthened, and cryptocurrencies rose.

The comprehensive rise in the metal market reflects investors' profound anxiety about the macro environment and urgent demand for physical assets. On one hand, expectations of interest rate cuts by the Federal Reserve and the sharp decline of the U.S. dollar have reduced the cost of holding commodities; on the other hand, national security investigations into key minerals, escalated sanctions against Venezuela, and geopolitical uncertainties in the Middle East and Africa have significantly heightened market risk aversion and stockpiling willingness.

According to Wall Street Insight, Kelvin Wong, a senior market analyst at OANDA, stated:

"Since early December, momentum-driven and speculative behavior have been driving up gold and silver prices. Factors such as year-end liquidity shortages, expectations of prolonged interest rate cuts in the U.S., a weakening dollar, and escalating geopolitical risks have collectively pushed precious metal prices to new highs. Looking ahead to the first half of 2026, gold prices may approach $5,000 per ounce, while silver prices could reach around $90 per ounce."

Core market trends are as follows:

• Dow futures fell 0.17%, S&P 500 futures fell 0.03%, and Nasdaq futures were basically flat.
• The Nikkei 225 index rose 0.7%, closing at 50,750.39 points, the Tokyo Stock Exchange index rose 0.1%, closing at 3,423.06 points, and the Seoul Composite Index rose 0.5%, closing at 4,129.68 points.
• The 10-year U.S. Treasury yield rose 2 basis points to 4.15%.
• The yen fell 0.2% against the dollar to 156.19, the offshore renminbi against the dollar was basically flat at 7.0041, and the won rose 1.2% against the dollar to 1,429.85 at one point.
• Spot gold is currently reported at $4,510.54 per ounce, reaching a daily high of over $4,530 per ounce, setting a new historical high; spot silver is currently reported at $74.62 per ounce, breaking through $75 per ounce at its highest, continuing to set a historical high; WTI crude oil rose nearly 0.3% to $58.52 per barrel.
• Bitcoin rose 1.3% to $89,020.81, and Ethereum rose 1.1% to $2,976.44.

The offshore renminbi is currently reported at 7.0061. Today's central parity rate of the renminbi against the dollar is reported at 7.0358, up 34 points, reaching a new high since September 30, 2024. On Thursday, the offshore renminbi broke the psychological barrier of 7.0 for the first time since September 2024. According to Wall Street Insight, Zhaopeng Xing, a senior strategist at Australia & New Zealand Banking Group, believes, The signal conveyed by this midpoint setting indicates that the People's Bank of China does not wish for the renminbi to appreciate too quickly. This is consistent with the central bank's recent commitment at the quarterly monetary policy meeting.

The yen ended its rally and softened slightly, with the yen to US dollar exchange rate falling 0.2% to around 156.17. Japan's inflation decline exceeded expectations, and the easing of food and energy price pressures has led to increased market expectations for the Bank of Japan to delay interest rate hikes.

The won continued its previous day's gains, with the won to US dollar exchange rate rising 1.2% to 1429.85, rebounding to its highest level since early November. Previously, South Korean authorities verbally intervened in the recent weakness of the won and announced a package of new tax measures to help stabilize the foreign exchange market.

Gold prices steadily rose, trading above $4,500 per ounce, currently reported at $4,510.54, with a peak above $4,530 per ounce, setting a new historical high.

Spot silver recorded its fifth consecutive trading day of gains on Friday, currently reported at $74.62 per ounce, with a peak breaking $75 per ounce, rising over 4.5% during the day, continuing to set historical highs.

Due to the weakening of the dollar and investors betting that global copper supply will tighten by 2026, Shanghai copper surged to a historical high, and New York copper prices also saw an increase.

WTI crude oil rose nearly 0.3% to $58.52 per barrel. Traders are closely monitoring the partial blockade of Venezuelan oil transport by the United States and Washington's military strikes against terrorist organizations in Nigeria.