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Spot gold hovered around USD 4,537 per ounce, while silver surged to a record high of USD 83.21 per ounce. The rally has been driven by rising expectations of further U.S. Federal Reserve rate cuts in 2026, a softer U.S. dollar, and escalating geopolitical risks. Meanwhile, WTI crude oil traded near USD 57.10 per barrel, as markets focused on developments in Russia-Ukraine peace negotiations. While U.S. President Donald Trump and Ukrainian President Volodymyr Zelensky&nbsp;failed to&nbsp;reach consensus on territorial issues, talks on security guarantees are&nbsp;reportedly close&nbsp;to completion.&nbsp; Equity markets&nbsp;were&nbsp;largely flat&nbsp;on Friday amid thin holiday trading. 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