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Safe-haven demand surges, gold and silver prices hit record highs
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Hello everyone, today XM Forex will bring you "[XM Foreign Exchange Market Analysis]: Hedging demand surges, gold and silver prices hit record highs". Hope this helps you! The original content is as follows:
On December 23, in early Asian trading on Tuesday, Beijing time, the U.S. dollar index was hovering around 98.19. On Monday, the U.S. dollar index continued to decline after opening. It once fell to an intraday low of 98.19, and finally closed down 0.47% at 98.27; the benchmark 10-year U.S. bond yield finally closed at 4.166%, and the 2-year U.S. bond yield, which is sensitive to the Federal Reserve's policy interest rate, closed at 3.511%. In addition, as the Japanese Finance Minister released a strong signal of intervention, the U.S. dollar fell back against the yen, once falling below the 157 mark during the session. Driven by safe-haven funds, spot gold jumped more than 2% and set a new all-time high above $4,440, finally closing up 2.42% at $4,443.69 per ounce. Spot silver continued to set new all-time highs with gold, and finally closed up 2.83% at $69.01 per ounce. Platinum and palladium also hit new stage highs. Crude oil rebounded due to fears of disruption to oil supplies from Venezuela and Russia. WTI crude oil continued to rise during the day, and once returned to above US$58, finally closing up 2.48% at US$57.88/barrel; Brent crude oil finally closed up 2.28% at US$60.65/barrel.
Analysis of major currency trends
U.S. dollar index: As of press time, the U.S. dollar is hovering around 98.19. The Federal Reserve's (Fed) recent third consecutive rate cut has eroded support for the U.S. dollar (USD), sending the greenback broadly lower amid markets closing early for the holidays this week. Technically, the price trend continues to follow the overall downward trend, and the rebound is limited near the 50-day moving average and the upper channel boundary near 99.20–99.30.



Gold and crude oil market trend analysis
1) Gold market trend analysis
In Asian trading on Tuesday, gold hovered around 4479.39. Driven by rising geopolitical tensions and market expectations for further U.S. interest rate cuts in 2026, gold and silver prices surged, both hitting record highs.

2) Crude oil market trend analysis
On Tuesday in the Asian market, crude oil was trading around 57.87. Oil prices rose nearly 2.5% on Monday, with rising geopolitical risks providing key support. International oil prices closed sharply higher on Monday due to heightened geopolitical tensions. The U.S. Coast Guard attempted to intercept a sanctioned oil tanker in international waters near Venezuela on Sunday, the third such action in the past month, fueling market concerns that Venezuelan oil supplies may be disrupted. On the same day, Ukrainian drones attacked two ships and terminals in Russia's Krasnodar region, posing a potential threat to Russia's energy exports in the Black Sea region.

Foreign exchange market trading reminder on December 23, 2025
21:30 Initial value of the annualized quarterly rate of real GDP in the third quarter of the United States
21:30 Real personal consumption expenditure in the third quarter of the United States Initial value of the quarter-to-quarter rate
21:30 Initial value of the annualized quarterly rate of the core PCE price index in the third quarter of the United States
21:30 Monthly rate of U.S. durable goods orders in October
22:15 U.S. industrial production in November Month-on-month rate
23:00 U.S. Conference Board Consumer Confidence Index in December
23:00 U.S. Richmond Fed Manufacturing Index in December
23:00 United Nations Security Council on Iran’s nuclear program Hold a meeting
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