- Precious Metals Frenzy: Gold has breached the historic $4,500 threshold while silver tests $75 per ounce
- Mixed Macro Signals: Decisive cooling in Tokyo CPI (2.3%) and a sharp drop in Japanese industrial output (-2.6%)
- Holiday Liquidity: With major European hubs closed, global attention shifts to a reopening Wall Street
- Precious Metals Frenzy: Gold has breached the historic $4,500 threshold while silver tests $75 per ounce
- Mixed Macro Signals: Decisive cooling in Tokyo CPI (2.3%) and a sharp drop in Japanese industrial output (-2.6%)
- Holiday Liquidity: With major European hubs closed, global attention shifts to a reopening Wall Street
- Gold and silver maintain their robust year-end momentum. Gold has breached the $4,500 level, marking its strongest annual performance since 1979. Silver is testing all-time highs above $75 per ounce.
- Precious metals led gains across most asset classes on the first post-holiday trading session. Silver rose 3.7%, platinum surged 8.5%, and palladium gained 4.8%. Gold posted a more modest advance of 0.7%.
- The rally in metals persists despite a moderate strengthening of the US dollar. EURUSD eased on the morning of December 26 to trade at 1.1775, reflecting profit-taking following two days of sharp gains earlier in the week.
- USDJPY is also seeing an upward correction after recent declines, returning above the 156 level. The pair has reverted to levels seen approximately a year ago, despite falling below 140 in recent months.
- Tokyo CPI inflation cooled to 2.3% year-on-year, a sharper decline than the 2.5% market forecast and down from 2.8% recorded in November.
- The Japanese unemployment rate remains steady at 2.6%.
- In his latest remarks, Governor Ueda indicated that inflation is on track to stabilise at 2.0%, supported by labour market and broader economic conditions. Such an environment justifies the recent rate hike and signals further tightening ahead.
- Japanese industrial production for November fell by 2.6% month-on-month, missing expectations of a 2.0% decline and reversing the previous 1.5% growth.
- The JAP225 climbed 0.5%, testing local highs from December 10. Japan’s broad Topix index reached record highs.
- Chinese blue-chip futures (CH50cash) rose modestly by 0.23%, while Singapore’s SG20 posted more marginal gains.
- In its latest forecasts, Nomura anticipates two Federal Reserve rate cuts in 2026, alongside potential hikes in Korea, Australia, and New Zealand.
- Following record highs on the US500 reached just before Christmas, a slight correction is underway today. Both US100 and US500 futures eased by approximately 0.05%.
- Most equity markets remain closed today. Select Asian exchanges are open and Wall Street returns to trade. Commodity and currency markets are largely operating as normal.
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