US markets today: Wall Street opens mixed after Christmas break; gold and silver extend record rally

US stocks traded mixed on Friday as investors returned from the Christmas holiday in thin volumes, while gold and silver continued their sharp rally to fresh record highs amid safe-haven demand. In early trade, the S&P 500 edged up about 0.1% in early trade, holding on to modest gains for the week, AP reported. The Dow Jones Industrial Average was little changed, while the Nasdaq Composite rose around 0.2%, supported by gains in large technology stocks including Nvidia. Trading activity remained light at the end of the holiday-shortened week, with several overseas markets closed and many investors staying on the sidelines. Precious metals remained the standout performers. Gold rose nearly 1% to trade around $4,541 per ounce, while silver jumped more than 4% to about $74.90 per ounce, briefly crossing the $75 mark. The rally has been driven by strong safe-haven flows, expectations of further US Federal Reserve rate cuts next year and continued buying by central banks. “Gold is doing what gold does when the world loses its anchor: it becomes the anchor,” Stephen Innes of SPI Asset Management said, pointing to political uncertainty, currency volatility and inflation concerns. Oil prices moved higher in early trade, with US crude adding about 18 cents to $58.53 per barrel, while Brent crude rose 15 cents to $61.95 per barrel. Oil prices, however, remain sharply lower compared with mid-year levels. In Asia, markets showed mixed trends. Japan’s Nikkei 225 climbed 0.7% after the cabinet approved a record defence budget exceeding 9 trillion yen ($58 billion) for the next fiscal year. Heavy industries and technology stocks led the gains. Markets in China edged higher, while stocks slipped in India and Thailand. Several Asian markets, including Hong Kong and Australia, remained closed. European markets were largely shut for the Christmas holiday. In currency markets, the dollar strengthened slightly against the Japanese yen to 156.25, while the euro eased to $1.1777. Bitcoin rose about 2.2% to trade near $89,705, extending gains seen over the past week. With most investors having closed positions for the year, analysts expect market moves to remain muted until trading volumes return to normal in the new year.