Global markets are largely closed with light trading; metals surge again, with gold, silver, and copper all hitting new highs.

Global markets are largely closed with light trading; metals surge again, with gold, silver, and copper all hitting new highs.

Stock markets in many countries around the world are closed, and market trading is subdued. After a brief adjustment yesterday, the metals sector has collectively strengthened, with gold, silver, and copper prices continuing to hit new highs, while platinum and palladium have also risen in tandem.

On December 26, U.S. stock index futures edged lower, major European stock markets (Germany, France, UK, Italy) were closed for holidays, trading in Asian markets was light, Japan’s TOPIX reached a new high, and markets in Australia and New Zealand were also closed. U.S. Treasury yields rose, while Japan’s long-term bond yields fell. The dollar edged higher, offshore RMB weakened slightly after breaching 7, the yen depreciated slightly, and the Korean won rebounded to its highest level since early November. Metals and crude oil strengthened, and cryptocurrencies rose.

This broad-based rally in the metals market reflects investors' deep anxiety over the macro environment and an urgent demand for physical assets. On one hand, expectations of Fed rate cuts combined with a sharp drop in the dollar have lowered the cost of holding commodities; on the other hand, national security investigations into key minerals, escalating sanctions against Venezuela, and geopolitical uncertainties in the Middle East and Africa have significantly heightened market risk aversion and the desire to stockpile goods.

According to Wallstreetcn, OANDA Senior Market Analyst Kelvin Wong said:

“Since early December, momentum-driven and speculative behavior has been pushing gold and silver prices up. Year-end liquidity shortage, expectations of long-term rate cuts in the U.S., dollar depreciation, and intensifying geopolitical risks have all contributed to record highs for precious metals.Looking ahead to the first half of 2026, gold prices may move toward $5,000 per ounce, while silver prices could reach around $90 per ounce.”

Core market movements are as follows:

Dow futures down 0.17%, S&P 500 futures down 0.03%, Nasdaq futures essentially flatNikkei 225 closed up 0.7% at 50,750.39, TOPIX closed up 0.1% at 3,423.06, Korea KOSPI closed up 0.5% at 4,129.6810-year U.S. Treasury yield rose 2 basis points to 4.15%Yen fell 0.2% against the dollar to 156.19, offshore RMB/dollar essentially flat at 7.0041, Korean won/dollar once up 1.2% to 1429.85Spot gold now at $4,510.54/oz, intraday high above $4,530/oz, setting a new record; spot silver now at $74.62/oz, intraday high above $75/oz, another all-time high; WTI crude up nearly 0.3% to $58.52/barrelBitcoin up 1.3% to $89,020.81, Ethereum price up 1.1% to $2,976.44

Offshore RMB now at 7.0061. Today’s RMB central parity rate against the dollar is set at 7.0358, up 34 points, a new high since September 30, 2024. On Thursday, offshore RMB rose above the psychologically important 7.0 mark for the first time since September 2024. According to Wallstreetcn, Australia & New Zealand Banking Group Senior Strategist Zhaopeng Xing believes the central parity setting signals that China's central bank does not want the RMB to appreciate too quickly, which aligns with its recent commitment at the quarterly monetary policy meeting.

The yen ended its rally and weakened slightly, with the yen/dollar rate dropping 0.2% to around 156.17. Japan’s inflation rate fell more than expected, and with easing food and energy price pressures, expectations are growing that the Bank of Japan will delay raising rates.

The Korean won extended its previous day’s rally, Korean won/dollar once up 1.2% to 1429.85, rebounding to the highest level since early November. Previously, Korean authorities verbally intervened in the won’s recent weakness and announced a package of new tax measures to help stabilize the forex market.

Gold prices steadily rebounded, trading above $4,500 per ounce, now at $4,510.54, intraday high above $4,530/oz, setting a new historical high.

Spot silver posted a fifth straight daily gain on Friday, now at $74.62/oz, intraday high above $75/oz, up over 4.5% for the day, another all-time high.

Due to dollar depreciation and investor bets that global copper supplies will tighten in 2026, Shanghai copper surged to a record high, while New York copper prices also rose.

WTI crude rose nearly 0.3% to $58.52/barrel. Traders are closely watching the partial blockade of Venezuelan oil shipments by the U.S. and Washington’s military strikes against terrorist organizations in Nigeria.

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