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News
Tuesday, December 23, 2025
What’s happening: Gold and silver prices surged to record highs this morning amid rising geopolitical concerns.
What happened: Gold prices extended gains this morning after hitting a record high on Monday, amid rising US-Venezuela tensions.
Weakness in the US dollar lent further support to gold and silver prices this morning.
Why it matters: Gold has jumped more than 70% so far this year, its biggest annual gain since 1979, driven by geopolitical tensions, interest rate cuts and buying by central banks.
Last week, US President Donald Trump ordered a “blockade” of all oil vessels entering and leaving Venezuela. The US Coast Guard intercepted and seized a second oil tanker near Venezuelan waters on Sunday and remains in active pursuit of more vessels.
Meanwhile Trump is expected to announce a new Fed chief by early January to replace Jerome Powell, who is scheduled to retire in mid next year. Investors expect the new chief to be someone who is aligned with the US President’s push for higher interest rate cuts.
Amid signals of easing inflation and a cooling labour market, markets have already priced in two interest rate cuts by the Federal Reserve of 25 bps each in 2026, which has been exerting pressure on the US dollar.
Weakness in the US dollar provided support to gold and silver prices, as a softer greenback makes metals cheaper for foreign currency holders. The US dollar index, which measures the greenback’s performance versus a basket of major peers, fell around 0.2% to 98.11 this morning.
Spot gold prices surged almost 1% to 4,486.92 an ounce this morning, hitting a fresh record high. Spot silver prices also jumped around 0.6% to $69.4455 an ounce, rising around 135% so far this year.
What to watch: Investors will keep an eye on rising geopolitical tensions between the US and Venezuela. Some important economic reports from the US, including GDP growth rate and industrial production, will also remain in focus. The US economy, which grew by an annualised 3.8% in the second quarter, is expected to expand by 3.2% in the third quarter.
Context: The FTSE 100 came under pressure as investors digested the latest economic reports.
Details: Data released on Monday showed that the UK economy grew by 0.1% in the third quarter, in-line with the preliminary reading but easing from the previous quarter’s 0.3% growth.
The UK’s current account deficit shrank to £12.1 billion in the third quarter, from £21.2 billion in the previous quarter. The figure also came in better than market estimates of a £21.3 billion deficit. This marked the smallest gap since the fourth quarter of 2022, following a significant improvement in the primary income balance.
Business investment in the UK improved by 1.5% in the three months to September, compared to a preliminary reading of a 0.3% decline. This marked a recovery from the revised 1.7% decline recorded in the previous quarter.
Healthcare and utilities weighed on the FTSE 100 index, amid losses in the shares of AstraZeneca, GlaxoSmithKline and National Grid. AstraZeneca’s stock was punished by the market after the company’s non-small cell lung cancer drug failed in Phase 3 trials. Meanwhile, GlaxoSmithKline has been under pressure from the Trump administration to lower prices.
Mining stocks bucked the market trend on Monday, recording gains following a surge in both precious and base metal prices.
The FTSE 100 index fell 0.32% to close at 9,865.97 on Monday.
What to watch: With no major economic reports due today, investors will continue monitoring the overall geopolitical environment.
Other Markets: US trading indices closed higher on Monday, with the Dow Jones index, S&P 500 and Nasdaq 100 up by 0.47%, 0.64% and 0.46%, respectively.
Russia has escalated its attacks on the southern region of Odesa in Ukraine. The news sent the USD/RUB pair lower in forex trading this morning.
Argentina’s economic activity grew by 3.2% year-over-year in October. This marked an easing from 4.8% in the previous month and lent support to the USD/ARS forex pair.
Canada’s industrial producer prices climbed by 0.9% in November, compared to 1.7% growth in October., which sent the USD/CAD pair lower in forex trading this morning.
Mexico’s economic activity index surged by 1.7% year-over-year in October, accelerating from 0.8% growth in the previous month. The latest reading topping market estimates of 1.0% exerted pressure on the USD/MXN forex pair.
Brazil’s FGV-IBRE consumer confidence index surged to 90.2 in December from 89.8 in the previous month. Although consumer confidence surged to the strongest level since December 2024, the USD/BRL rose in forex trading this morning.
Spain’s GDP growth rate (1200 UAE Time) and PPI (1200 UAE Time), Brazil’s IPCA mid-month CPI (1600 UAE Time), Mexico’s balance of trade (1600 UAE Time) and mid-month inflation rate (1600 UAE Time), Canada’s GDP (1730 UAE Time), US durable goods orders (1730 UAE Time), corporate profits (1730 UAE Time), core PCE prices (1730 UAE Time), real consumer spending (1730 UAE Time), CB consumer confidence (1900 UAE Time), Richmond Fed manufacturing index (1900 UAE Time), Richmond Fed services revenues index (1900 UAE Time), and Richmond Fed manufacturing shipments index (1900 UAE Time) as well as Argentina’s current account (2300 UAE Time).
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