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Silver falls from its $80 peak, while gold loses value on profit-taking
On Monday, silver retreated from a record high of $80 per ounce, while gold fell from historic levels. Investors booked profits as the perception of decreased geopolitical risk curbed safe haven buying. Gold spot fell 1.4% to $4,470.56 an ounce at 1017 GMT after reaching a record-high of $4,549.71 per ounce on Friday. U.S. Gold Futures for February Delivery lost 1.3%, to $4493.20 an ounce. Spot silver fell 4.8% to $75.32 an ounce after hitting a high of $83.62 earlier in the session. Palladium fell 13.2% to $1.669.11 an ounce after falling 6% from $2,478.50, the previous day's high. Ricardo Evangelista, a ActivTrades analyst, said that the price drop this morning, following record highs is primarily due to traders taking profit before year-end. The U.S. administration's tentative optimism about progress in the Ukraine talks is also a slight headwind. U.S. president Donald Trump stated on Sunday that the United States and Ukraine were "getting closer, perhaps very close" to a peace agreement. Bullion prices have risen by 72% this year on the back of factors like a softer U.S. dollar, geopolitical tensions, and central bank purchases. Silver has gained 181% in the past year, outperforming gold. This is due to its classification as a critical mineral for the United States, a shortage of supply, and a growing industrial and investor demand. The release of the Fed’s December meeting minute, which is due on Tuesday, will provide clues about the outlook for interest rates. Two rate cuts are expected next year, according to traders. In a low interest rate environment, non-yielding investments tend to perform well. UBS analysts wrote in a report that "gold prices are trading at a premium and downside risks may emerge if the Federal Reserve makes a surprise pivot to the hawkish side and/or if large ETF withdrawals affect the market." (Reporting from Pablo Sinha, Bengaluru. Editing by Barbara Lewis.)
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Kremlin: Ukraine should pull its troops out of Donbas. A call between Putin and Trump is expected shortly
The Kremlin stated on Monday that Ukraine must withdraw its troops from the part of Donbas it still controls, if it wants peace. If Kyiv does not strike a deal it will lose more territory. Putin and Trump spoke Sunday, ahead of Trump's Miami meeting with Ukrainian President Volodymyr Zelenskiy. Dmitry Peskov, Kremlin spokesperson, said that another call was planned for very soon. Peskov declined to comment on the idea that a "free economic zone" could be created in Donbas, or the future of Zaporizhzhia's nuclear power plant (controlled by Russia), saying the Kremlin deemed it inappropriate. Peskov, when asked about Kremlin aide Yuri Ushakov’s remarks regarding the decision?that Kyiv needs to?take against Donbas, said that Ukraine should remove its troops from those parts it still controls. Peskov stated, "We're talking about the removal of the regime forces from the Donbas." Peskov refused to give details when asked if the same applied to?Zaporizhzhia & Kherson. According to Russian estimates, Russia controls about a fifth (or a fifth) of Ukraine. This includes Crimea, which it annexed in 2014. It also controls 90% of Donbas and 75% of Zaporizhzhia and Kherson, as well as slivers from Kharkiv. Sumy, Mykolaiv, and Dnipropetrovsk. Russia claims Donbas and Zaporizhzhia as part of 'Russia, even though most countries believe that the regions are part of Ukraine. Peskov confirmed that no call between Putin and Zelenskiy is being discussed. Peskov's paraphrase of Trump's remarks about Ukraine losing more territory to Russia in the coming months without Kyiv striking a deal. (Reporting and writing by Dmitry Antonov, editing by Guy Faulconbridge).
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The Zaporizhzhia Power Plant could be restarted in 18 months after the war ends.
According to the head of Zaporizhzhia Nuclear Power Plant in southeastern Ukraine, if the conflict ends soon, the facility could resume power production by the middle of 2027. Ramil Galiyev, a Russian state news agency reporter, was quoted as saying: "If (this) (the end of conflict) occurs tomorrow, we'll be ready to?"start up by mid-2027." Since March '2022, when Russian troops overran much of the southeastern Ukraine, the?nuclear power plant has been under Russian authority. It is currently not producing electricity, but it relies on external energy to keep the material cool and prevent a meltdown. A team from the International Atomic Energy Agency is currently working at the plant to repair the power lines. The repairs should last a few days. Galiyev stated that "serious problems" would have to be resolved before the plant could go live, including replenishing cooling ponds and preparing rail tracks. Russia and Ukraine accuse each other of shelling nuclear plants, posing the risk of a nuclear catastrophe.
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Copper prices ease from record highs as investors take profit
Prices of copper trimmed gains as the Asian markets closed on Monday. Investors locked in profits after a sharp rise that drove prices to new highs. As of 0740 GMT the benchmark three-month copper price on the London Metal Exchange had risen 3.27%, to $12,560 a metric ton, after earlier setting a new record at $12,960 per ton. After briefly reaching an all-time high of 102660 yuan, the most active copper contract at the Shanghai Futures Exchange has retreated below the 100,000 yuan mark, with a 0.76% increase in daytime trading to 98860 yuan ($14,105.33). Traders said that investors locked in profits when copper prices reached record highs. Others took a 'risk-off' stance. It was expected that the approaching end of the year, coupled with high prices, would also cool down spot demand and add pressure to the rally. The London benchmark copper contract, which was closed earlier in the day to the Shanghai contract due to the London exchange's holiday closure, had gained ground on the London contract. Shanghai copper rose 5.81% in the last week while London copper saw a gain of 1.93%. China announced on Friday that it will limit its copper capacity expansion in the next five-year plans, which is expected to support the gains in Shanghai copper. The traders who bet on the Fed cutting interest rates by two more times also supported the Monday rally. They are waiting for the release on Tuesday of the minutes of the Fed's meeting in December to get clues about how the policy makers plan to balance risks associated with inflation and a weakened labour market. Aluminium rose by?0.49% on the London market. Zinc gained 0.68%. Lead added 0.70%. Nickel dropped 0.13%. Tin rose by 1.60%. Aluminium rose by 0.83%. Zinc gained 0.54%, lead increased 0.78%. Nickel fell 0.86%. Tin declined 0.99%. $1 = 7.0087 Chinese Yuan Renminbi (Reporting and Editing by China C&E Team, Janane Venkatraman and Ronojoy Mazumdar)
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Nigeria's NNPC targets an industrial boom in the country's North as the gas pipeline nears completion
After briefing President Bola Tinubu on Sunday, the chief executive of Nigeria's State Oil Company said that it was betting on a delayed gas pipeline to ignite an industrial revolution for the north. Bashir Ojulari is the Group CEO of NNPC Ltd. He told reporters the company had completed the welding of the main line for the $2.8 billion Ajaokuta - Kaduna - Kano (AKK), including the crucial River Niger crossing – a feat which has slowed progress for years. This milestone will allow the pipeline to be connected?early in the next year. According to Ojulari, this move "will bring gas in its?full?form? into the northern part Nigeria." Ojulari stated that this isn't just about energy. "It is a matter of industrialisation, i.e., fertiliser plants, gas-based industries, and power generation in Kaduna and Kano. We are expecting to see industrial parks sprout up." AKK, which was first conceived of in 2008, plays a central role in Nigeria's desire to harness its vast reserves of gas for economic growth. The completion of the AKK pipeline could revolutionize northern Nigeria, where a lack in energy infrastructure and chronic power shortages have hindered manufacturing for decades. Ojulari revealed NNPC production targets.?Oil production is expected to increase to 1.8million barrels per day - up from 1.7million this year - in 2026. Gas production will also continue to grow. He credited the structural reforms made under the Petroleum Industry 'Act, which enabled NNPC operate as a profitable company and no longer rely on 'federal allocations. Ojulari stated that President Tinubu reiterated his call for $30 billion of new investments by 2030, and a 2 million barrels a day oil production by 2027. (Reporting and Writing by Ben Ezeamalu, Editing by Lincoln Feast.
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Asian stocks are rising, and precious metals have reached new records due to Fed rate cuts.
On Monday, Asian stocks rose to their highest levels in six weeks, and the dollar was near its lowest level in three months, on the expectation that the Federal Reserve will cut?interest rates in the coming year. This has also led to a strong rally in precious-metals. Silver rose above the $80-per-ounce mark?for a?first time? in volatile trading Monday. Platinum and palladium also fell after reaching all-time-highs. Gold fell 0.45%, but it has broken record highs several times this year. It is now on course to have its largest annual gain since 1979. Charu Chanana is the chief investment strategist for Saxo. She said that precious metals were lifted by a powerful combination of rate-cutting tailwinds as well as hedging geopolitical uncertainty and fiscal uncertainty. "Add to that supply concerns and the movement has become parabolic. But the near-vertical rise in late-year prices, particularly for silver, raises the possibility of increased volatility. The risk near-term is technical, and based on positioning." Chanana stated that the big picture of precious metals is still?positive. This is due to fiscal and geopolitical uncertainty, as well as ongoing demand for diversification. She said that any pullbacks could be viewed as an opportunity for long-term investment to rebuild their exposure. Investors were re-focused on geopolitics after U.S. president Donald Trump met Ukrainian president Volodymyr Zelenskiy. Although no agreement has yet been reached to bring peace to Ukraine, the talks were positive. China's military deployed army, navy, air force and artillery around Taiwan for "Justice Mission 2025", as the island pledged to defend democracy. STOCKS END THE YEAR STRONGLY In the stock market,?MSCI?s broadest Asia-Pacific index was 0.5%?? higher in a strong week to end the year. The majority of Asian markets are up double digits this year, as investors have shrugged off Trump’s tariff salvos in favor of AI. South Korea's Kospi climbed 1.7% to reach a two-month high, bringing its annual surge to 75%. It is on track to achieve its biggest gain since 1999. Japan's Nikkei fell 0.5% but is on track to increase by about 27% for the year. Taiwan stocks also rose 1%, reaching a new record, and are poised to rise 25% annually. As Europe returns from its Christmas and Boxing Day holiday, the buoyant mood is expected to continue. European futures are pointing towards a higher opening. The minutes of the Fed’s last meeting, due Tuesday, will be the focus for investors during the holiday-shortened week. The U.S. Central Bank cut rates this month, and forecast only one more for next year. However, traders have priced at least two additional cuts. FRAIL?YEN FIND SUPPORT On Monday, a summary of slightly hawkish opinions from the Bank of Japan policy meeting held in December was released. The Japanese yen rose 0.2% to reach 156.13 against the U.S. Dollar. The summary showed that many members of the BOJ board felt the need to increase the policy rate. BOJ raised interest rates earlier this month, a move that was well-telegraphed. However, the markets were disappointed by comments made afterwards which suggested that the central bank wasn't in a hurry to raise again. The yen was impacted and traders were worried about intervention after officials in Tokyo issued strong verbal warnings. The dollar has been under pressure due to the prospect of the Fed lowering rates next year. A new Fed chair who may be dovish or willing to lower interest rates is also looming large. The dollar index (which measures the greenback versus six rival currencies) was stable at 98.13. It is on course for a 9.5% decline for the year. This will be its steepest drop since 2017.
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Iron ore prices rise as China promises more 'proactive fiscal policies' in 2026
Iron ore prices rose on Monday, as the top steel-making ingredient's demand was boosted by China's promise to adopt more "proactive fiscal policies" in 2026. The most-traded iron ore contract for May on China's Dalian Commodity Exchange closed morning trade at 800 yuan (114.12 dollars) per metric ton after reaching its highest level at 803 yuan at the start of?the session. As of 0343 GMT, the benchmark January iron ore traded on Singapore Exchange rose 1.32% to $106.05 per ton. The price of iron ore in January hit its highest level since November 27 at $106.3. China's Finance Ministry said on Sunday that fiscal policies would be more proactive next year, and China will boost consumption and actively expand investment in new productive forces. Everbright Futures, a Chinese broker, said that iron ore prices were also supported by "some steelmills resuming production after completing annual smelter maintenance" which meant a greater demand for feedstocks including iron ore. Mysteel, a consultancy, said that "improved?margins due to lower production costs" supported iron ore prices. The easing of concern in the real estate market was also a temporary boost to sentiment. China developer Vanke’s bondholders had approved a proposal by the state-backed company to extend the grace period of repayment for a 3.7 billion yuan loan. Coking coal and coke both rose by 1.13% and 0.611% respectively. The Shanghai Futures Exchange steel benchmarks were mixed. The rebar rose by 1.09% and hot-rolled coils increased by 0.98%. Stainless steel remained unchanged, while wire rod dropped 2.2%. $1 = 7.101 Chinese Yuan (Reporting and editing by Harikrishnan Nair; Amy Lv and Ruth Chai)
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Silver dips after breaking $80/ounce
As investors took profits and geopolitical tensions eased, precious metals fell on Monday. Silver traded lower after breaking $80 an ounce earlier that day, and gold was a little less than record highs. As of 0242 GMT spot gold was down by 0.4% to $4,512.74 an ounce after reaching a record-high of $4,549.71 last Friday. U.S. Gold Futures for February Delivery lost 0.4% per ounce to $4,536.40 Silver spot fell?1.3%, to $78.12 an ounce. It had earlier reached a session high of $83.62. Tim Waterer, KCM Trade's Chief Market Analyst, said that a combination of?profit-taking and apparently productive talks between Trump & Zelensky about a possible peace deal has put gold and?silver in the rear view mirror. Donald Trump, the U.S. president, said that he and Ukrainian president Volodymyr Zelenskiy are "getting closer" to an agreement?to?end?the war in Ukraine. Silver is up 181% in the last year, surpassing gold. This was due to its status as an important U.S. Mineral, shortages of supply, and low stocks amid a rising industrial demand and investment. Bullion is also on a spectacular rally for 2025. It has risen 72% and broken multiple records. The gold price has been boosted by a "cocktail" of factors including the expectation of more U.S. interest rate cuts, geopolitical tensions and central bank demand as they move away from U.S. securities and dollars. Waterer stated that $5,000 was a "viable" target for gold in the coming year, provided the next Federal Reserve Chairman added a more dovish tone to Fed policy. Waterer stated that "rate?cuts, a continued robust industrial appetite and supply?shortages combined with a rise in silver to $100 by 2026" could be the catalyst for this. The traders still expect the U.S. to cut interest rates twice next year. In a low interest rate environment, non-yielding investments tend to perform well. Palladium fell 8%, to $1,771.99 an ounce. Spot platinum dropped 0.4% to $2,441.20 after reaching a record high of $2478.50 the previous day. (Reporting by Ishaan Arora in Bengaluru; Editing by Rashmi Aich and Subhranshu Sahu)
Silver trading, from shares and coins to bars and stocks
Silver rose above $80 per ounce on Monday for the first-time, fueled by a strong industrial and investment market, persistent shortages of supply, its recent designation as "a U.S. Critical Mineral" and a wave momentum-driven purchases.
Prices fell 4.2% at 0830 GMT, after a record high of $83.62 was reached earlier in the day. Investors booked profits and a easing of geopolitical tensions reduced demand for safe havens.
Spot silver is up more than 160% in the last year, outpacing gold’s rise of over 70%.
How does silver trade work?
Over the Counter
London is the largest marketplace for physical gold and silver, where banks and brokers take orders from customers around the globe to buy and sell.
Trading takes place bilaterally between financial institutions (OTC), and investors must have an existing relationship with at least one of them to be able to access the market.
The bullion bars that are stored in vaults at large banks like JPMorgan or HSBC, which underpin the market.
London vaults will hold 27,187 tons of silver by the end of November 2025. Silver is a precious metal.
Futures
Silver is also traded on futures markets. Shanghai Futures Exchange, in China, and CME Group COMEX?in New York are the two largest.
Futures contracts are agreements in which the seller promises to deliver silver at a future date. They are usually 'traded by a broker.
Futures are usually not held for delivery, but instead exchanged for futures with a later date. Both buyers and sellers can speculate on the price of silver without having to move and store metal.
Futures also offer the advantage that you don't have to pay the entire amount of silver. Instead, you only need to pay a fraction, called a margin.
ETFs (Exchange-Traded Funds)
ETFs are traded on stock exchanges like the NYSE, LSE and NASDAQ alongside publicly traded companies.
Each share of the fund represents a certain amount of silver in a vault.
Apps such as Robinhood allow small investors to trade ETFs with ease.
Silver is added to the vault in order to create new shares, bringing the prices back to par.
BlackRock's iShares Silver Trust, with 529 million ounces worth $39 billion in current prices, is the largest.
BARRES AND COINS
Silver bars and coins are also available to smaller investors from retailers all over the world.
SILVER MINERS
Investors can buy shares of companies that mine for silver. These are also easily traded on platforms such as Robinhood.
Silver prices tend to affect the value of these shares, but other factors, such as management, debt, or performance, also influence their value. Reporting by Anmol Chaubey, Bengaluru. Editing by David Goodman
(source: Reuters)