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Hello everyone, today XM Forex will bring you "[XM Forex]: Oil prices fell due to hopes for peace between Russia and Ukraine, investors took profits, and gold prices fell back to the 4200 mark." Hope this helps you! The original content is as follows:
On Wednesday (December 3, Beijing time), spot gold was trading around US$4,209 per ounce. Gold prices fell from a six-week high on Tuesday due to investment Investors have taken profit-taking operations after recent strong gains; U.S. crude oil was trading around $58.67 per barrel. Oil prices fell more than 1% on Tuesday as the market weighed between wavering hopes for peace between Russia and Ukraine and ongoing concerns about oversupply.
European Central Bank President Christine Lagarde delivered an introductory speech at the hearing of the Economic and Monetary Affairs www.xmasseuse.committee (ECON) of the European Parliament.
U.S. stocks continued their recent gains in light trading on Tuesday, with the three major indexes collectively closing higher. It was the sixth advance in the past seven sessions, driven by strength in technology stocks and optimism that the Federal Reserve would soon cut interest rates.
The Dow Jones Industrial Average rose 0.39% to close at 47474.46 points; the S&P 500 Index rose 0.25% to close at 6829.37 points; the Nasdaq Index rose 0.59% to close at 23413.67 points.
The core driving force for market growth www.xmasseuse.comes from two aspects. First, market expectations for the Federal Reserve to cut interest rates at its December meeting continue to rise. According to the CME Group's FedWatch tool, traders expect the probability of a 25 basis point rate cut to be as high as 89.2%, much higher than the 63% rate a month ago. Key inflation data to be released on Friday, the personal consumption expenditures price index, may further solidify this expectation.
Secondly, strong stocks emergedThe leading force. Aircraft manufacturer Boeing predicts that deliveries of its 737 and 787 aircraft will increase next year, and its stock price soared 10.1% in response, becoming the biggest contributor to the rise of the Dow Jones Industrial Average and driving the overall strength of the industrial sector. At the same time, large technology stocks such as Apple, Nvidia and Microsoft generally rose by about 1%, and Intel also jumped sharply, jointly boosting the performance of the Nasdaq index, which is dominated by technology stocks.
Warner Bros. Discovery’s share price rose 2.8% as it received a second round of acquisition bids including www.xmasseuse.comflix; consumer goods giant Procter & Gamble’s share price fell 1.1% as it mentioned the impact of the U.S. government shutdown on its business.
Analysts pointed out that the market is in a period of lack of clear direction before the Federal Reserve's interest rate meeting next week, but consumption data on "Black Friday" and "Cyber Monday" show that consumer sentiment is still positive, providing fundamental support for the market. In addition, discussions about the next chairman of the Federal Reserve are also continuing. There are reports that White House economic adviser Hassett is a popular candidate. President Trump said he will announce the final decision early next year.
Gold prices fell back on Tuesday from a six-week high hit the previous day, falling more than 1%. Market analysts believe that this round of decline is mainly due to investors taking profits after the recent strong rise.
As of the close, spot gold fell 1.1% to US$4,186.89 per ounce; gold futures for February delivery on the New York Mercantile Exchange fell 1.3% to close at US$4,220.80 per ounce.
Market analysts pointed out that the price correction did not change the market's overall bullish expectations for gold. Peter Grant, vice president of Zaner Metals, said that the pullback is just temporary profit-taking, and the market's biggest driving force-expectations for the Federal Reserve to cut interest rates remain solid. He is optimistic that gold prices will reach $5,000 at the beginning of the new year. Currently, the market expects that the probability of the Federal Reserve cutting interest rates by 25 basis points at next week's meeting is as high as 89%.
Investors are paying close attention to the upcoming key U.S. economic data, including Wednesday's ADP employment report and Friday's postponed September personal consumption expenditures index. The latter is the Fed's most important inflation indicator and may provide clearer guidance on the path of interest rate cuts.
From the perspective of long-term supporting factors, global central bank demand for gold purchases remains strong. Data from the World Gold Council shows that central banks purchased a www.xmasseuse.com 53 tons of gold in October, a month-on-month increase of 36%, the largest monthly www.xmasseuse.com demand since the beginning of 2025.
Silver prices have made a slight correction after hitting a record high, but still remain at a high of $57.90 per ounce, with a cumulative increase of more than 100% this year. Platinum fell 2%, while palladium bucked the trend and rose 2.3%.
International oil prices fell more than 1% on Tuesday, as the market weighed between wavering hopes for peace between Russia and Ukraine and ongoing concerns about oversupply.
Brent crude oil futuresIt closed down 1.14% to US$62.45 per barrel; U.S. crude oil futures closed down 1.15% to US$58.64 per barrel.
Investors are paying close attention to the progress of the Russia-Ukraine peace talks. Russian President Vladimir Putin met with U.S. President Trump's envoys at the Kremlin on Tuesday. The market expects that if there is a breakthrough in the peace talks, some restrictions on Russia's energy supply may be lifted. However, there is huge uncertainty about the prospects for the talks. On the eve of the meeting, Putin issued a warning and threatened to cut off Ukraine's sea lanes. Analysts pointed out that hopes for peace may soon be dashed, and the market will then face greater risks of chaos caused by continued attacks on energy infrastructure.
The latest oversupply concerns are also weighing on prices. That concern was partially offset by weekend attacks on Russian infrastructure, as well as tensions between the United States and Venezuela. Trump's announcement last weekend that he would close the airspace around Venezuela has brought new uncertainty to the major oil-producing country's export prospects.
In addition, Putin plans to kick off a two-day visit to India on Thursday aimed at restoring energy and defense ties damaged by U.S. pressure and trying to sell more Russian oil. The Kremlin said the recent decline in India's imports of Russian oil may be temporary.
The U.S. dollar rebounded against the yen on Tuesday, recouping some of the previous day's losses; the euro remained stable after the release of euro zone inflation data.
The dollar rose 0.3% against the yen to 155.91. The exchange rate fell to a two-week low on Monday as hawkish www.xmasseuse.comments from Bank of Japan Governor Kazuo Ueda sparked strong market expectations for a rate hike in December. Although the market's pricing of the probability of the Bank of Japan raising interest rates in December remains at a high level of about 80%, the trend of the US dollar has returned to rationality. Analysts believe that the yen's surge on Monday was more driven by the overall weakening of the U.S. dollar, while the market subsequently refocused on the still-sound U.S. economic outlook, pushing the U.S. dollar to rebound.
Market expectations for a rate cut by the Federal Reserve remain solid. According to the CME Group's FedWatch tool, the market expects an 87% probability of the Fed cutting interest rates by 25 basis points at its December meeting. Pepperstone strategists pointed out that the dollar, as the "cleanest dirty shirt", still shows demand in the absence of other dominant factors.
The euro rose slightly against the US dollar by 0.04% to US$1.1615. Data supporting its trend showed that euro zone inflation edged up to 2.2% in November from 2.1% in October, and European Central Bank policymakers later said that inflation had actually reached the 2% target. The small recovery is seen as manageable, with markets expecting the European Central Bank to keep interest rates steady.
The pound fell slightly against the dollar by 0.1% to $1.3202. This www.xmasseuse.comes after the Bank of England lowered bank capital requirements for the first time in a decade in an effort to stimulate credit and economic growth.
Last week, two countriesAfter a National Guard soldier was shot in Washington, D.C., the U.S. government is expected to expand the ban on entry to about 30 countries, using more aggressive measures to curb immigration. A U.S. Department of Homeland Security official revealed that the list of additional countries is expected to be announced soon. The United States currently bans travelers from 12 countries from entering the country and has imposed partial restrictions on 7 other countries. President Donald Trump has threatened a series of measures to restrict immigration into the United States after a shooting that left a National Guardsman dead and another in critical condition. Federal authorities have identified the suspect as 29-year-old Afghan citizen Rahmanullah Lakanwal. This person served for the US military and CIA in Afghanistan before arriving in the United States in 2021. Trump also tried to ban travelers from specific countries during his first term. The move went through multiple revisions and lengthy legal battles before the U.S. Supreme Court ruled it was "entirely within the scope of the president's authority." Earlier this year, he reimposed a stay-at-home order.
The United States and Ukraine held high-level talks on November 30 in Florida, USA. Ukrainian President Zelensky stated via social media on December 2 that the Ukrainian delegation had submitted detailed reports on all talks in the United States. During the talks, the Uzbekistan-U.S. delegation made further improvements based on the version of the Uzbek-U.S. peace plan after the Geneva talks. Zelensky said that the Ukrainian diplomatic team is currently actively www.xmasseuse.communicating and consulting with all parties to ensure that European countries and other willing allies can effectively participate in the decision-making process. Ukraine will maintain continuous contact with the United States and determine the schedule for subsequent talks.
Russian President Vladimir Putin said in an interview with the media on December 2 that Russia cannot accept Europe’s attempt to modify the Russia-Ukraine “peace plan” proposed by the United States. Putin pointed out that Europe is trying to make some changes to the Russian-Ukrainian "peace plan" in order to obstruct the peace process and hopes that in this way it will shift the responsibility for the collapse of the Ukrainian peace process to Russia. Putin said Russia has repeatedly reiterated that it has no intention of going to war with Europe. But if Europe suddenly launches a war, Russia is ready to respond "now". On November 20, the US media disclosed the 28-point Russia-Ukraine "peace plan" drafted by the White House, which was considered by Ukraine and Europe to be biased in favor of Russia. On November 23, representatives from the United States, Ukraine and Europe held talks in Geneva, Switzerland, and made substantial revisions to the plan.
On December 3, local time, Russian presidential assistant Ushakov said that the talks between Russian President Vladimir Putin and the US presidential envoy Witkov were constructive, very useful and www.xmasseuse.comrmative. Territorial issues were discussed in this meeting, but Russia and the United States agreed not to disclose the substance of the talks. Ushakov said that during the talks, the two sides discussed multiple versions of solutions to the Ukraine issue. The five-hour meeting allowed all parties to discuss the issue of mediating the situation in Ukraine in depth and detail. blackShakov said that there is currently no www.xmasseuse.compromise plan for the Ukraine issue. Some of the plans proposed by the United States are acceptable to Russia, while others are not suitable for adoption. Ushakov said that Russia and the United States will maintain contact at the level of presidential assistants. The possibility of a meeting between Putin and Trump will depend on the progress made in the mediation process on the Ukraine issue.
The "Trade and Development Report 2025" released by the United Nations Conference on Trade and Development (UNCTAD) on December 2 predicts that global economic growth will slow down to 2.6% in 2025, down from 2.9% in 2024. The report focuses on the impact of finance on trade, pointing out that financial market fluctuations have almost as much impact on global trade as real economic activities and affect global development prospects. Greenspan, Secretary-General of the United Nations Conference on Trade and Development, said that the research results show that the financial environment is increasingly dominating the direction of global trade. "Trade is not only a supply chain, but also a connection between credit lines, payment systems, money markets and capital flows."
Sources said that the White House will propose a significant reduction in fuel economy standards, overturning the rules finalized by then-President Biden last year. The National Highway Traffic Safety Administration is expected to propose significantly lowering fuel economy requirements for model years 2022 through 2031. Trump will announce the plan at a White House event on Wednesday, where executives from Detroit's Big Three automakers are also expected to attend. Earlier this year, Trump signed legislation ending fuel economy penalties for automakers.
The Trump administration changed the name of a U.S. energy laboratory and removed the word “renewable” from its name. It is the latest move by the government to downplay the importance of electricity sources such as solar and wind in favor of fossil fuels. The U.S. National Renewable Energy Laboratory (original name) located in Golden, Colorado, announced on its official website on Monday evening that the laboratory has now been renamed "National Laboratory of the Rockies" (National Laboratory of the Rockies). As one of 17 laboratories under the U.S. Department of Energy, the laboratory is also dedicated to research on energy efficiency. It was spearheaded by former U.S. leaders including two members of Trump's Republican Party.
U.S. President Trump said at a cabinet meeting at the White House on December 2 that he is likely to announce the nominee for the next chairman of the Federal Reserve Board in early 2026 to replace current Chairman Powell, who will end his term in May 2026. Trump also confirmed that day that U.S. Treasury Secretary Bessent has no intention to serve as chairman of the Federal Reserve. Earlier, Trump said that he had made a decision on the nominee for the new Federal Reserve Chairman. It is knownAccording to insiders, in the eyes of Trump, his advisers and allies, Kevin Hassett, director of the White House National Economic Council, is the top candidate to be the next chairman of the Federal Reserve. According to relevant legal provisions, after the President of the United States nominates a candidate for the chairman of the Federal Reserve, it must be approved by the Senate. Powell was nominated as Fed chairman during Trump's first presidential term and took office in February 2018. He was later nominated for re-election during the Biden administration. Trump has repeatedly criticized Powell publicly for the Fed's monetary policy. After taking office again in January this year, Trump repeatedly criticized Powell, accused the Federal Reserve of cutting interest rates too slowly, and threatened to fire Powell. There are widespread concerns about the Fed's ability to maintain monetary policy independence.
The reporter learned from the Center for Excellence in Molecular Plant Science of the Chinese Academy of Sciences that the team of academician Lin Hongxuan of the center has the latest cooperation with the team of researcher Lin Youshun of Shanghai Jiao Tong University and the team of researcher Li Yixue of Guangzhou National Laboratory The research has cracked the double "code lock" of rice sensing and responding to high temperatures, revealing a sequentially activated and coordinated series heat signal sensing mechanism in plants. By genetically improving this mechanism, a new rice strain with gradient heat resistance has been successfully bred, assisting the molecular breeding of crops with high temperature resistance, and providing a new solution to the reduction in food production caused by global warming. Relevant research results were published in the international academic journal "Cell" on December 3, 2025, Beijing time.
The Wuhai semi-solid lithium battery energy storage project in Inner Mongolia was successfully connected to the grid to generate electricity. The south main tower of the Zhangjinggao Yangtze River Bridge, which achieved a breakthrough from a kilometer span to a two kilometer span, was capped. The low-altitude transportation route from Taicang, Jiangsu to Pudong, Shanghai was officially opened. China's hard core strength once again delivered a dazzling report card. In the new stage of energy storage, the Wuhai semi-solid lithium battery energy storage project in Inner Mongolia is connected to the grid for power generation. In recent years, semi-solid lithium batteries have become the core direction of technology iteration in the energy storage field due to their balance between safety and economy. Previously, the largest semi-solid energy storage project that had been connected to the grid in my country was a 100,000 kilowatt/200,000 kilowatt-hour demonstration project. The Wuhai project has doubled in scale, marking that my country is at the forefront of the world in the field of large-scale application of semi-solid energy storage technology.
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