On Monday during the Asian trading session, safe-haven assets surged across the board. Spot gold set a historic record, rising over 1% to $4382.70 per ounce, while spot silver followed closely with a 1.43% increase to $68.13. Platinum continued to climb with a rise of 1.74% to $2011 per ounce, marking the first time this commodity has broken the $2000 barrier since 2008. Meanwhile, the US dollar index remained nearly flat and failed to effectively hinder the upward momentum of precious metals.

The core logic driving this wave of precious metal surges is very clear: the market bets on the Federal Reserve's interest rate cut cycle in 2026, while the rising geopolitical tensions are also increasing demand for safe-haven assets. The performance of the oil market reveals some clues— the Trump administration has strengthened economic sanctions against Venezuela, and the U.S. military has intercepted oil tankers for the third time in weeks, providing clear support for oil prices. Brent crude rebounded to around $61 per barrel after two consecutive weeks of decline, while WTI crude approached $57.

US stock futures showed moderate performance. Dow Jones Industrial Average futures rose 83 points (rise of 0.2%), while S&P 500 futures and Nasdaq 100 futures rose 0.2% and 0.3% respectively, as investors hope that technology stocks can regain their upward momentum before the end of the year.

From a broader perspective, the historic rise of precious metals reflects a tug of war between two forces: one is the shift in liquidity expectations brought about by the global central bank's interest rate cut expectations, and the other is the risk aversion sentiment triggered by escalating geopolitical risks. Against the backdrop of no fundamental changes in the global macro landscape in the short term, this trend may still have room to continue, and it is worth continuously observing how the subsequent policy signals from the Federal Reserve and international situation trends affect market pricing.