U.S. equities remained near record levels in thin post-Christmas trading, capping another strong year for global markets, while precious metals surged to fresh all-time highs on rate-cut expectations and geopolitical risks.
📈 Equities
- S&P 500, Dow Jones Industrial Average, and Nasdaq Composite hovered near peaks, all on track for double-digit gains in 2025
- Rally broadened beyond megacap tech into financials and materials
- Markets supported by a resilient U.S. economy and expectations of rate cuts in 2026
🥇 Precious Metals
- Silver hit a record $75.62/oz, up 161% YTD, driven by supply deficits and its U.S. “critical mineral” status
- Gold climbed to ~$4,544/oz, boosted by a weaker dollar and safe-haven demand
💵 Macro & FX
- The Federal Reserve is expected to cut rates at least twice in 2026, keeping pressure on the dollar
- Markets are watching President Trump’s upcoming Fed chair nomination
- Yen remains weak despite a Bank of Japan rate hike, with intervention risks in focus
📌 Bottom line:
Risk assets are ending 2025 on solid footing, while gold and silver continue to benefit from easing monetary expectations, a softer dollar, and persistent geopolitical uncertainty.