Amillex Daily Market Commentary | Resilient Economic Data Fuels Risk Appetite as Equities and Precious Metals Hit Record Highs

December 24, 2025. Yesterday’s release of revised Q3 GDP data by the US Department of Commerce continued to signal robust economic resilience. The annualized growth rate reached a staggering 4.3%, significantly outperforming the market consensus of 3.3%. This print propelled US equities upward, sustaining the “Santa Claus Rally.” At Tuesday’s close, the S&P 500 settled at 6,909.79, marking another all-time high. Concurrently, spot gold and silver reached record peaks, creating a “stocks and metals rally” synergy underpinned by strong growth. The pivotal question for the market remains: will this growth momentum dampen future rate-cut expectations and trigger a divergence among risk assets?

Market Performance and Fundamental Analysis by Asset Class

1. US Stock Market

Index Performance:

The Dow Jones Industrial Average remained relatively subdued, posting a modest gain of 0.16%.

The S&P 500 Index rose 0.46%, marking its fourth consecutive winning session and a fresh record high.

The Nasdaq Index climbed 0.57%, led by continued strength in mega-cap technology names.

Aktienfokus: NVIDIA (NVDA) continued its intraday ascent, surging approximately 3% and pushing its market capitalization back toward the $4.6 trillion threshold; Broadcom (AVGO) demonstrated solid momentum with a 2.3% gain, supported by persistent AI demand, software-hardware synergy, and overall economic resilience.

Driving Factors: NVIDIA’s rally is attributed to a confluence of policy tailwinds (potential resumption of exports to China), strategic clarity (exiting cloud competition), and a robust macroeconomic backdrop.

2. Forex Market

The US Dollar Index slid below the 98 handle, touching its lowest level since October. The index faced short-term volatility ahead of the holidays, caught between strong domestic data and shifting safe-haven flows;

EUR/USD maintained its upward trajectory, attempt to year-to-date highs as the Greenback broadly softened;

USD/JPY retreated to the 156.30 level, as expectations for Bank of Japan (BoJ) policy normalization continue to exert medium-term downward pressure on the pair;

GBP/USD sustained relative strength, buoyed by sticky UK inflation and expectations for “higher-for-longer” interest rates.

Driving Logic: Analysts suggest that while strong growth data bolsters the case for the Fed to hold rates steady in the near term, it has not derailed the consensus forecast for two rate cuts in 2026.

3. Precious Metals and Commodities

Edelmetalle:

Spot gold (XAUUSD) charged to a new record high, nearing the $4,500/oz mark. Upside momentum is primarily driven by geopolitical tensions and supply chain uncertainties (notably events involving Venezuela and Russia).

Spot silver (XAG/USD) delivered an exceptional performance, surging 3.5% to breach the $70/oz psychological barrier, fueled by industrial demand, tight inventories, and a mix of safe-haven and speculative buying.

Commodities:

WTI crude oil rebounded for a third consecutive session from annual lows to reach approximately $58.60, a total recovery of roughly 4.8%. Geopolitical instability regarding Venezuela and the Russia-Ukraine conflict serves as the primary catalyst for the recovery.

4. Crypto Assets

Bitcoin (BTC) & Ethereum (ETH) despite the bullish environment for risk assets, the crypto market failed to see a synchronized volume breakout. This suggests that short-term capital is currently favoring traditional risk assets and precious metals over digital assets.

5. Today’s Focus