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Market Minutes
Read snapshots of the latest market news
Gold and silver set new records on Fed independence concerns
Silver and gold futures have achieved fresh record closes, propelled by a confluence of intensifying geopolitical instability and mounting scrutiny regarding the institutional autonomy of the Federal Reserve. However, despite unprecedented executive pressure on the central bank—including potential legal action against Chair Jerome Powell—market expectations for interest rate adjustments, as calibrated by the CME FedWatch Tool, remain steadfast.
US employment data exhibit mixed results; stock markets rise
Non-farm payrolls decelerated in December while the unemployment rate decreased slightly. These mixed results in the US labour market bolster the Federal Reserve’s rationale for maintaining a neutral-to-restrictive stance, as the central bank may seek to exert prolonged downward pressure on prices through unchanged rates. Concurrently, the Chinese inflation rate accelerated marginally, and oil prices closed with gains amid heightened geopolitical uncertainty involving the US and Latin American.
US jobless claims mixed; precious metals pull back
US jobless claims have yielded mixed results relative to analyst expectations prior to the official employment update from the Bureau of Labor Statistics (BLS). Meanwhile, precious metals and crude oil prices are exhibiting significant volatility amid geopolitical uncertainty involving the United States, Latin America, and Europe.
Strong US ISM services PMI, ADP jobs rebound slightly
US equity indices delivered a mixed performance as investors weighed a robust ISM Services PMI against signs of softening in the labour market. Despite a contraction in weekly EIA inventories, crude oil prices recorded a second consecutive session of losses, driven by oversupply concerns. Elsewhere, the Australian Dollar faced downward pressure following a significant deceleration in domestic inflation data.
Silver surges to record $81 amidst escalating geopolitical risks
Silver futures contracts have ascended to a historic peak of $81 per ounce, driven by intensifying global geopolitical instability. Concurrently, energy supply chains are facing significant disruptions as the outlook for Venezuelan crude reserves remains precarious. While Chevron’s Venezuelan operations continue to facilitate exports to the United States, the state-run PDVSA may be compelled to suspend production due to acute storage constraints.
Gold and precious metals gain as US–Venezuela tensions grow
Precious metals and energy prices climbed as tensions between the United States and Venezuela intensified, driving a higher geopolitical risk premium and prompting investors to seek safe havens. Oil markets reacted to the prospect of disruptions to Venezuelan exports, while US manufacturing activity remained weak, with the ISM PMI again below the 50 threshold.
Yen stabilizes amid intervention concerns, Dollar eases, Silver holds gains
Japanese yen stabilized around 156.6 per dollar on Friday after two consecutive sessions of losses, remaining near ten-month lows as market attention returns to potential government intervention. Meanwhile, the U.S. dollar eased to about 98.2 on the dollar index on the first trading day of 2026, extending last year’s steep decline of nearly 9%, while silver continued its strong start to the year, hovering near $73 per ounce. Traders are weighing a mix of currency policy, central bank guidance.
Brent and Copper slip as Dollar stability and supply concerns shape markets
Brent crude and copper both moved lower yesterday after recent gains, as a steadier U.S. dollar and supply-side developments weighed on sentiment. Brent prices softened amid concerns about ample global supply and cautious demand outlooks, while copper pulled back as traders reassessed positions following a strong rally. The U.S. dollar’s stability reduced appetite for dollar-priced commodities, adding pressure across the complex as markets headed into thin year-end trading conditions.
Silver falls as China export curbs and Dollar strength weigh on metals
Silver and gold both corrected yesterday after strong rallies, with silver suffering its largest one-day drop in years. China’s new export restrictions added supply concerns for silver, while a firmer U.S. dollar reduced demand for dollar-priced metals. Traders also booked profits ahead of year-end, amplifying volatility. Gold, although less volatile than silver, retraced some of its recent gains as investors reassessed positions across precious metals.
Markets focus on Fed signals, dollar weakness, and positioning into year-end
As 2025 draws to a close, markets are shifting attention away from headline growth numbers and toward monetary policy signals, currency moves, and investor positioning. The final weeks of the year are less about new data surprises and more about how traders prepare for 2026.