"Interest rate cut expectations + geopolitical conflicts" drive gold to rise above 4400, silver continues to hit historical highs, and spot platinum breaks above 2000 USD for the first time since 2008

Under the dual impetus of interest rate cut expectations and geopolitical tensions, precious metals are collectively strong, crude oil is rising, and U.S. stock futures are slightly up.

On Monday morning in Europe, spot gold continued to climb, surpassing $4,400, reaching a new historical high, while silver also hit a historical high, and spot platinum broke above $2,000 per ounce for the first time since 2008. The core trading logic in the market revolves around the Federal Reserve's interest rate cut bets for 2026, as well as the risk aversion brought about by the blockade in Venezuela and the escalation of the Russia-Ukraine conflict.

Main asset trends:

Silver rose 2.25% to a historical high of $68.68 per ounce, peaking at $69.45 per ounce during the session, doubling this year and likely achieving the best annual performance since 1979;

Spot gold rose nearly 1.5% to $4,401.79 per ounce, setting a new historical high;

Platinum and palladium followed suit, with spot platinum rising 1.74% to $2,011 per ounce, breaking above $2,000 per ounce for the first time since 2008;

Crude oil rebounded, with Brent crude rising over 1% to around $60.76, and WTI crude also rising over 1% to $57.19;

Dow Jones, S&P 500, and Nasdaq 100 futures all slightly rose ahead of the shortened trading week before the holiday, with Dow futures up 1% and Nasdaq 100 futures up 0.4%;

【The following was updated before 1 PM】

Gold and silver hit new historical highs, spot platinum breaks above $2,000 for the first time since 2008

The precious metals market is ending a historic year, with silver up more than double and gold soaring about two-thirds. Central banks' increased holdings and inflows into gold-backed exchange-traded funds have supported prices.

According to data compiled by Bloomberg, gold ETFs have recorded inflows for five consecutive weeks. Data from the World Gold Council shows that, except for May, the total holdings of these funds have been increasing every month this year. Meanwhile, silver has recently been supported by a surge in demand and tight and misaligned supplies from major trading centers.

Goldman Sachs analysts Daan Struyven and Samantha Dart stated in a report over the weekend that they expect gold to rise further next year, with a baseline scenario of $4,900 per ounce and upside risks. They noted that ETF investors are beginning to compete with central banks for limited gold supplies.

As of the time of writing, spot gold has risen over 1% to $4,382.70 per ounce, setting a new historical high.

Spot silver rose 1.43% to $68.13.

Platinum continued to rise after a 2.5% increase on Friday, up 1.74% to $2,011 per ounce as of the time of writing. The Bloomberg Dollar Spot Index was nearly flat.

Oil Prices Supported by Geopolitical Tensions

Oil prices rose as Trump intensified the blockade on Venezuela, and the U.S. military boarded a third oil tanker within weeks. Brent crude climbed to around $61 per barrel after two consecutive weeks of decline, while WTI crude approached $57.

U.S. Stock Futures Slightly Up

U.S. stock index futures rose slightly as traders focused on whether tech stocks could regain momentum before the end of the year. Dow Jones Industrial Average futures rose by 83 points, an increase of 0.2%. S&P 500 futures and Nasdaq 100 futures rose by 0.2% and 0.3%, respectively.

The New York Stock Exchange will close early at 1 PM Eastern Time on Christmas Eve, Wednesday, and will be closed on Christmas Day, Thursday