Gold, silver, and copper all hit new highs. What signals are hidden behind the turbulence in the global commodity markets?

Today’s market has been spectacular, especially the performance of the commodities sector, which has been truly eye-catching. The three major precious metals—gold, silver, and copper—simultaneously hit record highs. This reflects not only price increases but also deep changes in global risk appetite and supply dynamics.

Precious Metals Celebrate Rally, Geopolitical Risks and Supply Shortages Double Boost

Gold, silver, and platinum all reached historic highs yesterday. Gold briefly touched $4,525 per ounce, silver rose to $72.65 per ounce, and platinum surged to $2,378 per ounce. This rally is not accidental; it is driven by rising geopolitical risks, ongoing tight global supply, and increased allocation by institutional investors.

LME copper also performed strongly, breaking through $12,000 yesterday and continuing to rise today to $12,213, up 0.96%. Interestingly, the driving forces behind copper price increases are quite specific: on one hand, tariff expectations have prompted traders to rush copper imports into the US, leading to a surge in imports and intensified global competition; on the other hand, mine shutdowns in the Americas, Africa, and Asia have reduced supply, creating a severe supply gap.

US Stocks Slightly Down, but S&P 500 Hits New Record

Before the opening on December 24, the three major stock index futures were slightly weak. Dow futures fell 0.07%, while S&P 500 futures and Nasdaq 100 futures each declined 0.09%. Popular tech stocks showed mixed performance, with Nvidia (NVDA) down 0.29% and Tesla (TSLA) up slightly by 0.21%.

However, it is worth noting that the S&P 500 closed at 6,909 points yesterday, setting a new record high. This optimism has already spread to Asian markets. Additionally, due to the Christmas holiday, US stocks will close 3 hours early today, which may limit market volatility accordingly.

Australian Dollar Rises Rapidly, Rate Hike Expectations Support Exchange Rate at One-Year High

The AUD/USD has risen for three consecutive days, reaching a high of 0.6717, the highest since October 2024. This is driven by traders reassessing the Reserve Bank of Australia’s rate hike outlook—latest expectations suggest the RBA may start a rate hike cycle as early as June 2026. The Commonwealth Bank of Australia is more optimistic, expecting the AUD/USD exchange rate to break through 0.68 by the end of the year.

Outlook for 2026: Goldman Sachs Optimistic About Continued Bull Market, Projected Total Return of 15%

After the S&P 500 hit a new closing high yesterday, Goldman Sachs issued its outlook for the global stock market in 2026. The bank believes that the global equity market has entered an optimistic bull phase, with corporate earnings continuing to support the rally in 2026. Including dividend yields, the total return could reach 15%. This optimistic forecast may provide some psychological support amid recent market volatility.