Gold prices were muted on Tuesday ahead of the Fed's two-day policy meeting. Markets widely expect a 25-bp rate cut, with traders seeing a 90% probability despite Fed's leadership ambiguity.
Meanwhile, the leaders of France, Germany and Britain staged a strong show of support for Ukraine in London at what they described as a "crucial time," under US pressure to agree a peace deal with Russia.
Meanwhile, the silver market is dealing with the aftershocks of a historic short squeeze. One-month lease rates remain elevated, even after a record amount of metal flowed into the world's biggest silver-trading hub.
Almost $1 billion flowed into the iShares Silver Trust over the past week, exceeding the influx into the largest gold fund. Options on Comex silver futures have also faced a buying spree, according to CME Group data.
China's exports topped forecasts in November, buoyed by a boost from a tariff truce, even as weak factory activity and vanishing returns from front-loading point to a challenging 2026.
The unexpectedly strong growth pushed trade surplus up to $111.68 billion in November, beating a forecast of $100.2 billion, which helps spur economic recovery for the current quarter.
The white metal looked set to test the psychological hurdle of $60, but the RSI around 70 flashed warning signs. If the consolidation lasts longer, a small retreat is more likely than not in the immediate term.
Asset recap
As of market close on 8 December, among EBC products, Lockheed Martin shares led gains. The company has secured a US$1.14 billion contract modification from the US Department of War.
Procter & Gamble is struggling around its one-year low. With sales volumes softening in several important categories, the market is now pricing in a more difficult path for organic growth.
The Hang Seng Index continues to fluctuate around the 26,000 mark, with short-term rebounds repeatedly facing pressure at this level. It seems difficult to break the balance pattern without a fresh stimulus.
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