Gold and silver prices rose during Monday’s trading, with both precious metals continuing to shatter record levels.

This came as investors flocked to safe-haven assets amid heightened geopolitical concerns, after US President Donald Trump announced last week the imposition of a blockade on all sanctioned oil tankers entering or leaving Venezuela.

CNBC reported, citing sources familiar with the matter, that President Trump may announce his nominee for Federal Reserve chair by early January.

US stock and bond markets on Wall Street are set to close this coming Thursday, as the United States and several countries around the world observe the Christmas holiday.

Meanwhile, the dollar index fell 0.3% to 98.3 points as of 20:18 GMT, after touching a high of 98.7 and a low of 98.2.

In market trading, spot gold surged 1.9% to $4,470.6 per ounce as of 20:19 GMT.

Spot silver also rose 1.9% to $68.40 per ounce, after hitting a fresh record high of $69.44.

US stock indexes rose during Monday’s trading as 2025 approaches its end, alongside a shortened trading week due to the Christmas holiday.

Wall Street’s stock and bond markets are set to close this coming Thursday, as the United States and several countries around the world observe the Christmas holiday.

Analysts are monitoring market behavior in the final days of the year due to the impact of the so-called “Santa Claus rally,” a phenomenon that typically sees stock markets rise.

In market trading, the Dow Jones Industrial Average rose 0.6%, or 288 points, to 48,420 as of 17:48 GMT. The broader S&P 500 gained 0.6%, or 42 points, to 6,877, while the Nasdaq Composite advanced 0.5%, or 125 points, to 23,433.

Copper prices climbed to a fresh record high on Monday, supported by speculative buying and following news of a zero-fee processing deal involving a Chinese smelter, which underscored mine disruptions and the risk of supply shortages.

Benchmark three-month copper on the London Metal Exchange (LME) rose 0.6% to $11,955 per metric ton by 11:00 GMT, after touching a record high of $11,996.

Copper on the LME has surged about 36% so far this year, driven largely by concerns over mine-related issues that could lead to a supply deficit next year.

Those supply concerns were reinforced on Friday, when Reuters sources said Chilean miner Antofagasta had agreed with a Chinese smelter on zero treatment charges for copper concentrates for 2026 — the lowest level ever agreed in annual negotiations.

Treatment charges typically fall when supply is tight.

“A large part of this is about supply-side tightness, but the broader context is that markets in general look very strong, which shows there is a lot of liquidity in the system,” said Dan Smith, managing director at Commodity Market Analytics.

Global equities rose broadly on Monday, while oil prices also advanced, and gold and silver posted new record highs.

Smith added that while momentum continues to attract speculative flows into copper, there are signs that demand is beginning to soften at these elevated price levels.

“There appears to be a slowdown on the demand side. Electric vehicle sales are no longer growing strongly, and there is emerging weakness on the consumer side of the Chinese economy,” he said.

The most-traded copper contract on the Shanghai Futures Exchange (SHFE) closed the daytime session up 1.7% at 94,320 yuan ($13,397.92) per ton.

Nickel was the top performer on the LME, rising 1.6% to $15,040 per ton, following reports last week that the country plans to cut mine output in 2026.

Nickel on the Shanghai exchange rose for a fourth consecutive session, reaching its highest level in more than a month at 121,360 yuan.

Among other metals, aluminum on the LME gained 0.6% to $2,961.50 per ton, its strongest level since May 2022, while zinc rose 0.4% to $3,084. By contrast, lead fell 0.4% to $1,977, and tin slipped 0.5% to $43,030.

Bitcoin edged slightly higher on Monday, holding near the $89,000 level after posting a weekly loss, as broader markets showed improved risk appetite amid growing expectations that the Federal Reserve will cut interest rates in 2026.

The world’s largest cryptocurrency was trading at $89,089.92 as of 02:25 AM US Eastern Time (07:25 GMT). Bitcoin fell about 2% last week and has continued to move within tight ranges amid weak liquidity.

Bitcoin has struggled to regain momentum, failing to decisively break above the key psychological $90,000 level, as traders point to reduced demand from institutional investment vehicles and a more cautious positioning ahead of the year-end holiday period.

By contrast, risk appetite improved across other markets. Gold prices surged to fresh record highs on Monday, supported by strong demand as expectations grew that the Federal Reserve will cut interest rates next year following weaker-than-expected inflation data.

Global equity markets also posted gains, with Asian stocks opening higher alongside advances in US futures, as investors anticipated improved liquidity and the potential for a year-end rally.

Analysts noted that slowing exchange-traded fund (ETF) flows and mixed sentiment toward digital assets remain key factors keeping the cryptocurrency market range-bound.

In a related development, Bloomberg reported that Hong Kong’s insurance regulator is proposing new rules that could allow insurers to allocate capital to assets including cryptocurrencies and infrastructure, as part of efforts to direct funding toward government-priority sectors. Under the proposal, the Insurance Authority would apply a 100% risk weight to crypto assets, while stablecoin investments would be subject to risk weights based on the underlying fiat currency, according to a presentation dated December 4 reviewed by Bloomberg.

As for altcoins, most remained range-bound on Monday. Ethereum, the world’s second-largest cryptocurrency, rose 1.7% to $3,032.92, while XRP was largely unchanged at $1.92. Solana and Cardano posted modest gains, while Polygon fell 2.1%.