In a seasonally favorable period, US equity indices are rallying but with hesitancy, with small-caps and tech struggling to build on the most recent momentum.

Gold has pulled back on year-end profit-taking and Dollar strength, but Fed rate cut expectations, political uncertainty, and war risks continue to support safe-haven demand. The broader uptrend remains intact.

There is a rising market risk in 2026 that is largely overlooked as we wrap up this year.

The gold price index is stabilizing near its all-time highs at the start of the final week of 2025. Across trading platforms, spot gold prices rose to the $4550 resistance level before settling around $4532 per ounce.