1. The Nasdaq led U.S. stocks higher on Monday as Wall Street entered a holiday-shortened week calculating the chances of a year-end rally, while gold climbed to a record amid rising Venezuela tensions. Contracts on the tech-heavy Nasdaq Composite added 0.6%, and those on the S&P 500 put on around 0.6%. Meanwhile, the Dow Jones Industrial Average added around 0.5%, with the major gauges eyeing a third straight day of gains. Tech stocks are continuing to recover from a volatile streak, which came as investors wavered between dueling pressures, worries about an AI bubble versus fear of missing out on an AI boom. Investors are now looking for tech to maintain the momentum, as they gauge the prospects for a Santa Claus rally. Stocks are entering the final stretch of 2025 trading within striking distance of their record highs, after a surprise drop in inflation and lukewarm labor market data left bets on 2026 interest-rate cuts mostly intact.
2. Gold and silver soared to all-time highs, as escalating geopolitical tensions and bets on further rate cuts added momentum to the best annual performance in more than four decades. Bullion climbed more than 1.5% to surpass the previous record of $4,381 an ounce set in October, while silver rallied as much as 3.4%, closing in on $70 an ounce, extending gains that have put both metals firmly on course for their strongest annual performance since 1979. The latest push higher comes as traders bet that the Federal Reserve will cut interest rates twice in 2026. Lower rates are typically a tailwind for precious metals, which don’t pay interest. Rising geopolitical tensions are also enhancing the haven appeal of gold and silver. Other precious metals also surged, with palladium up more than 4%. Platinum rose for an eighth straight session and traded above $2,000 for the first time since 2008.
3. In the place of an electrified future, pushed further away, a more incremental, hybrid present is taking shape. Even before the EV policy shift, the elimination of the $7,500 tax credit had already led to a decline in consumer demand. Concerns lingered over the turn away from gas-powered cars. Higher costs were a factor, but so was the unresolved anxiety over a perceived scarcity of charging stations and battery range. Automakers have struggled with the EV transition, and ambitious, revamped lineups have been curtailed. The latest sign came earlier this month, when Ford announced it would abandon plans for several EV models and instead pivot to hybrid and extended-range vehicles. Ford said it would take $19.5 billion in charges related to the EV revamp. Automakers have pulled back on their EV ambitions marks a major detour for the industry. A focus on hybrids, lower cost models, and pressure from international markets will help shape the market.
4. In the week ending December 20, the advance figure for seasonally adjusted initial claims was 214,000, a decrease of 10,000 from the previous week’s unrevised level of 224,000. The 4-week moving average was 216,750, a decrease of 750 from the previous week’s unrevised average of 217,500.
5. Oil headed for the biggest weekly gain since late October as traders tracked a partial US blockade of crude shipments from Venezuela and a military strike by Washington against a militant group in Nigeria. Global benchmark Brent traded above $62 a barrel, rising nearly 3% this week, while West Texas Intermediate was over $58. Brent crude remains on track for the biggest annual decline since 2020, with a 17% slide. The drop has been driven by expectations for a surplus, with virtually all of the world’s major crude traders foreseeing a global glut next year after producers in and outside OPEC+ increased supplies. Still, the intensifying geopolitical flare-ups have helped keep a floor under prices.
6. EUR/USD trades around 1.1800 on Wednesday at the time of writing, up 0.10% on the day, after reaching its highest level since late September earlier in the day. The pair is consolidating its recent gains in a low-liquidity environment, with investors remaining cautious ahead of the Christmas holidays.
7. USD/JPY surrenders its entire gains made on the BoJ policy announcement day and retraces to near 155.80. Investors are in vogue over the outlook of the BoJ’s monetary tightening campaign. The Fed is expected to cut interest rates by at least 50 bps next year.
Gold and silver are among this year’s biggest winners, with momentum driving prices to record highs and setting up their best year since 1979. Gold traded above $4,500 per troy ounce on Wednesday, notching another milestone in a year packed with more than 50 record highs. Silver has had an even stronger year, soaring 150% on robust industrial demand and physical shortages. The metal topped $70 on Wednesday, while futures climbed past $72 an ounce. Meanwhile, copper was also participating in the metals rally on Wednesday, reaching all-time highs on supply concerns. Some Wall Street analysts also see more room to run as central banks continue to be “sticky” net buyers for gold. Goldman Sachs reaffirmed its “structurally bullish” outlook with a price target of $4,900 by the end of 2026, with an upside risk if underallocated private investors add to their portfolios.
The U.S. economy grew faster than expected in the third quarter, driven by robust consumer spending, but momentum appears to have faded amid the rising cost of living and recent government shutdown. Gross domestic product increased at a 4.3% annualized rate last quarter, the Commerce Department’s Bureau of Economic Analysis said in its initial estimate of third-quarter GDP on Tuesday. The economy grew at a 3.8% pace in the second quarter. Economists polled had forecasted GDP would rise at a 3.3% pace. Consumer spending increased at a 3.5% rate last quarter after advancing at a 2.5% pace in the second quarter.
After years of steep increases, renters are finally seeing sustained price relief, a trend that appears to be carrying into early 2026. In November, the median asking rent across the 50 largest U.S. metro areas was $1,693, down about 1% from a year earlier and marking the 28th consecutive month of year-over-year declines. November is typically the slowest month for rentals, but rents fell more from October to November this year than they did over the same period last year. With new apartment supply still hitting the market, rents are expected to remain lower in 2026. “Barring a major economic shock, 2026 is shaping up to be one of the more renter-friendly periods we’ve seen in a decade,” says Michelle Griffith, a luxury real estate broker at Douglas Elliman.
Gold and silver investors are taking a victory lap this year as crypto bulls are left in the dust. Some investors have been quick to point out the divergence between the metals industry and cryptocurrency, which has been led by a sharp leg lower from bitcoin in recent weeks. Meanwhile, gold bull Peter Schiff, a notorious critic of crypto, stated on X, “If Bitcoin won’t go up when tech stocks rise, and it won’t go up when gold and silver rise, when will it go up? The answer is: it won’t.“ The metals climb to all-time highs comes as crypto is on track to end the year in negative territory, with Bitcoin trying to avoid a third consecutive losing month. The world’s largest cryptocurrency has diverged from stocks for the first time since 2014, despite a favorable regulatory environment and increasing crypto adoption on Wall Street.
Volatility should be expected to remain high as investors will be closely watching for hints on the upcoming monetary policy direction. Many investors have redoubled their efforts to ensure that their portfolios are sufficiently diversified in the hope that they will be able to withstand corrections in multiple market sectors. Many of these investors have included physical precious metals as part of their diversification plans, given their long history as a hedge against both inflation and during times of economic turmoil. Remember, the key to profitability through the ownership of physical precious metals is to own the physical product and hold it for the long term. Always remember that you should never overextend your ability to maintain ownership of your precious metals over the long run.
Friday to Friday Close (New York Closing Prices)
| Dec. 19, 2025 | Dec. 26, 2025 | Net Change | ||
| Gold | $4,353.08 | $4,519.13 | 166.05 | 3.81% |
| Silver | $67.35 | $76.43 | 9.08 | 13.48% |
| Platinum | $1,977.19 | $2,434.04 | 456.85 | 23.11% |
| Palladium | $1,712.34 | $1,921.62 | 209.28 | 12.22% |
| Dow | 48129.29 | 48710.97 | 581.68 | 1.21% |
Previous Year Comparison
| Dec. 27, 2024 | Dec. 26, 2025 | Net Change | ||
| Gold | $2,616.03 | $4,519.13 | 1903.10 | 72.75% |
| Silver | $29.38 | $76.43 | 47.05 | 160.14% |
| Platinum | $921.50 | $2,434.04 | 1512.54 | 164.14% |
| Palladium | $916.01 | $1,921.62 | 1005.61 | 109.78% |
| Dow | 42992.58 | 48710.97 | 5718.39 | 13.30% |
Here are your Short-Term Support and Resistance Levels for the upcoming week.
| Gold | Silver | |
| Support | 4328/4281/4224 | 65.06/63.64/61.13 |
| Resistance | 4431/4488/4575 | 71.99/73.50/77.81 |
| Platinum | Palladium | |
| Support | 1903/1812/1747 | 1638/1551/1385 |
| Resistance | 2159/2324/2585 | 1891/2057/2115 |