On December 23, the international commodity market showed a significant divergence pattern. Gold prices hit a new all-time high, while international oil prices staged a short-term rebound driven by supply concerns. At the New York close, spot gold rose 2.48% to a record high of $4,449.18 per ounce, and COMEX gold futures electronic trading climbed 2.16% to $4,482.30 per ounce.

The World Gold Council pointed out that geopolitical tensions, rising economic uncertainty, and a weakening U.S. dollar have combined to drive central banks and investors around the world to continuously increase their gold holdings. Gold prices have risen by 60% so far this year, and are expected to record their strongest annual performance since 1979. However, the Bank for International Settlements warned that the massive influx of retail investors has made the gold market show signs of a bubble, and risks of valuation correction need to be guarded against.

In terms of oil prices, WTI crude oil futures for February delivery on the New York Mercantile Exchange rose 2.63% to close at $58.01 per barrel, and Brent crude oil futures increased by 2.58% to $62.03 per barrel. The upward momentum mainly came from concerns about supply disruptions caused by the U.S. intensifying interception of Venezuelan oil tankers. In the long run, however, many institutions still hold a bearish view on oil prices. Trafigura Group warned that the oil market will face a “super surplus” in 2026, and the U.S. Energy Information Administration predicts that the average oil price next year will be below $60 per barrel.