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On December 18th, Saxo Bank analyst Ole Hansen wrote in a report that gold is increasingly becoming a cornerstone asset in a world characterized by fragmentation, fiscal tensions, and geopolitical uncertainty. Gold's performance over the past two years reflects more than just a favorable macroeconomic cycle. It signals a deeper transformation in the global financial system, where trust, diversification, and resilience have become as important as yield and growth. Despite the strong momentum, gold is not without risk heading into next year. In the near term, the most tangible risks stem from positioning and capital flows. The strong rally in gold and silver in 2025 means that the upcoming rebalancing of major commodity indices will trigger a significant sell-off in the futures market, a process that could generate significant short-term volatility.

On December 18th, Daniela Hathorn, senior market analyst at trading platform Capital.com, said: "With inflation still above target and service sector prices appearing sticky, Bank of England policymakers are unlikely to send a clearly dovish signal. Instead, the Bank of England will likely describe any rate cuts as a gradual shift in risk management rather than a full-blown easing cycle."

JPMorgan Chase raised its price target for Micron Technology (MU.O) from $220 to $350.

According to the latest analysis from Economies.com analysts on December 18th, spot gold prices have been mainly fluctuating in recent intraday trading. The main bullish trend remains dominant in the short term, and the price is moving along the secondary support trend line, indicating the stability of the bullish trend.

December 18th, Futures.com analysts' latest view: WTI crude oil futures have fallen in recent intraday trading, mainly due to the stability maintained after touching the current resistance level of $56.40. At the same time, a steep secondary bearish trendline resistance was tested in the short term, which further exacerbated selling pressure and caused a loss of bullish momentum.

December 18th, Futures News: Economies.com analysts' latest view: Brent crude oil futures prices fell during the previous trading day and began to show a negative divergence on the Relative Strength Index (RSI). After a clear overbought condition between price action and indicators, negative signals are gradually emerging. Currently, it is testing a relatively steep short-term downtrend line, indicating increasing bearish dominance, and this pressure is further exacerbated as prices trade below the 50-day EMA.

Dubai set its official crude oil price for March at a discount of $0.10 per barrel to the average price in Oman.

On December 18th, reports surfaced that Luckin Coffee and its major shareholder, Centurium Capital, are considering bidding for Blue Bottle Coffee. Luckin Coffee declined to comment on the matter on December 18th. As of the end of the third quarter of this year, Luckin Coffee had a total of 29,214 stores globally, a net increase of 3,008 stores in the quarter. In the third quarter of 2025, Luckin Coffee's total net revenue was approximately RMB 15.287 billion, a year-on-year increase of 50.2%; GAAP operating profit was approximately RMB 1.777 billion; and the average number of monthly transacting customers was approximately 112 million, a year-on-year increase of 40.6%. Despite strong revenue growth, its net profit was almost flat compared to the same period last year. Luckin Coffee's net profit in the third quarter of 2025 was approximately RMB 1.278 billion, a year-on-year decrease of approximately 2.7%; the GAAP operating profit margin was 11.6%, compared to 15.5% in the same period last year.

On December 18th, NIO Energy and Zhong'an Energy jointly announced that the first batch of 50 charging and battery swapping stations jointly built by them have been put into operation in Anhui Province. This is a significant step forward in deepening the strategic cooperation between the two parties and an important milestone for NIO Energy's open ecosystem and collaborative development. In August 2024, NIO Energy launched the "Powering Partner" program. To date, it has jointly built nearly 200 charging and battery swapping stations with partners including 35 urban investment and transportation investment companies in 25 provinces and cities, marking a new stage of large-scale implementation in industry collaboration.

According to the Globe and Mail, Eli Lilly will reduce the price of four-cycle supply (2.5 mg and 5 mg doses) of Mountaro and Zepbound in Canada to $300.

Piper Jaffray: Raises its price target for Micron Technology (MU.O) from $200 to $275.

December 18th - From the end of 2024 to the beginning of 2025, bond market interest rates experienced a rapid and significant decline, resulting in over-pricing of monetary policy easing and weakening fundamentals. Following the interest rate cut in May 2025, the 10-year Treasury bond yield did not decline significantly and continued to rise in the second half of the year despite minimal marginal changes in fundamentals, to some extent correcting the previous over-pricing. Looking ahead to 2026, the impact of monetary policy is expected to be more neutral, with marginal improvements in fundamentals gradually becoming the main logic for bond market interest rate pricing. Considering the diversion of funds from the bond market due to new regulations on mutual funds and the rectification of wealth management valuations, the 10-year Treasury bond yield is more likely to shift slightly upward, mainly operating within the 1.6%-2.0% range.

The USD/KRW pair rose, last trading at 1477.65, after South Korea relaxed its capital controls on overseas dollar lending.

Bank of Thailand Governor: Gold trading is affecting the Thai baht.

On December 18th, PTA prices initially fell before rising this week, primarily due to a rebound in crude oil prices. Easing tensions between Russia and Ukraine and an oversupply of crude oil caused Brent crude to fall to a near four-year low, negatively impacting the PTA market. However, Trump's order to blockade oil tankers in a South American country led to a rebound in European and American crude oil futures from their near four-year lows. This week, the PTA supply and demand situation remained relatively stable, with PTA operating rates stable and downstream demand slightly recovering due to the commissioning of 300,000 tons of new polyester capacity. Next week, a 2.2 million-ton PTA plant in East China is scheduled to restart. Attention should be paid to the impact of the South American geopolitical situation on crude oil prices, as cost support is expected. A slight increase in PTA prices is anticipated in the short term.

On December 18th, the overnight SHIBOR was 1.2730%, down 0.20 basis points; the 7-day SHIBOR was 1.4260%, down 0.20 basis points; the 14-day SHIBOR was 1.5820%, up 11.10 basis points; the 1-month SHIBOR was 1.5500%, up 0.90 basis points; and the 3-month SHIBOR was 1.6030%, up 0.20 basis points.

Venezuelan President Nicolás Maduro said on Wednesday that Venezuela will continue its oil trade despite US President Donald Trump's order to block oil tankers entering and leaving the country.

Sources say Qatar has lowered its February Al-Shaheen crude oil price to a premium of 53 cents per barrel over Dubai quotes.

On December 18th, Japanese Chief Cabinet Secretary Minoru Kihara intensified his verbal warnings about market conditions, indicating increased government sensitivity to the yen's movements and rising long-term interest rates, and a verbal intervention to combat the yen's weakness. Kihara stated that the government is closely monitoring market developments, including changes in long-term interest rates. This statement was widely interpreted as a warning to the foreign exchange market. Although Kihara did not directly mention the yen, his emphasis on monitoring financial conditions underscores concerns that recent depreciation could destabilize the market. His remarks come as the yen remains under pressure due to persistent yield differentials between Japan and other major economies, despite growing expectations that the Bank of Japan will continue its gradual policy normalization.