Precious metals and commodities hit new highs together, with the Australian dollar outperforming the US dollar to reach a yearly high

The market presented a diversified upward trend today. Against the backdrop of escalating geopolitical risks and ongoing tight global supply chains, precious metals collectively strengthened. Gold broke through the $4,500 per ounce mark, reaching a high of $4,525; silver performed equally well, rising to $72.65 per ounce; platinum also held its ground, hitting a new high of $2,378 per ounce. The simultaneous rise of these three reflects investors’ continued pursuit of safe-haven assets.

In the commodities market, London copper prices continued their strength, breaking through the $12,000 mark and climbing further, with the latest quote at $12,213, up 0.96%. Traders pointed out that the driving forces behind the copper price increase come from two directions: on one hand, tariff expectations have prompted traders to accelerate importing copper into the US, intensifying global competition; on the other hand, mining operations in the Americas, Africa, and Asia are temporarily halted, leading to a significant supply shortage.

In the forex market, AUD/USD has risen for the third consecutive trading day, once reaching 0.6717, a high not seen since October 2024. Given the possibility that the Reserve Bank of Australia may initiate a rate hike cycle by mid-2026, Commonwealth Bank of Australia expects the AUD to break through 0.68 by the end of the year. For RMB investors, the rising AUD/RMB exchange rate is also noteworthy, reflecting the strong position of the Australian dollar as a commodity currency and its sensitive response to risk aversion sentiment.

In the US stock market, the three major stock index futures experienced slight pressure before Christmas Eve. Dow futures fell 0.07%, while S&P 500 futures and Nasdaq 100 futures both declined 0.09%. On the individual stock level, NVIDIA (NVDA) declined 0.29%, while Tesla (TSLA) rose against the trend by 0.21%. It is worth noting that today’s US stock market closed 3 hours early due to the Christmas holiday.

The long-term outlook for the equity market remains optimistic. The S&P 500 closed at 6,909 points yesterday, setting a new record high, injecting confidence into global stock markets. Goldman Sachs remains positive about the future, predicting that the global stock market will enter a bull market phase, with profit growth continuing to support this trend through 2026. Including dividend income, the total return rate is expected to reach 15%.