Silver climbed above the $80-per-ounce-mark for the first time, while Gold is on track for its biggest annual gain since 1979 with a rise of over 72%

Asian stocks jumped to six-week highs on Monday, while the dollar hovered near its lowest in almost three months on expectations of the Federal Reserve cutting interest rates next year, which have also sparked a fierce rally in precious metals.

Silver climbed above the $80-per-ounce-mark for the first time in volatile trading on Monday, while platinum and palladium fell sharply after hitting all-time highs. Gold eased 0.45% but has repeatedly breached record highs this year and is on track for its biggest annual gain since 1979 with a rise of over 72%.

Charu Chanana, chief investment strategist at Saxo, said precious metals have been lifted this year by a powerful mix of rate-cut tailwinds and hedging against geopolitical and fiscal uncertainty.

Add supply worries and the move has turned parabolic. But the late-year, near-vertical surge, especially in silver, also raises the risk of higher volatility. Near-term, the risk is technical and positioning-led, she said.

The big picture for precious metals still looks positive, with fiscal and geopolitical unease, and ongoing diversification demand, Chanana said.

That means any pullbacks may be seen as opportunities for long-term investors to rebuild exposure, she said.

In stocks, MSCI’s broadest index of Asia-Pacific shares was 0.5% higher in a strong start to the final week of the year. Most Asian markets have bagged double-digit gains this year as investors shrugged off Trump’s tariff salvos and bet on AI.

South Korea’s Kospi rose 1.7% to a near two-month peak, taking its yearly surge to an eye-popping 75%, on pace for its strongest annual gain since 1999. Japan’s Nikkei slipped 0.5% on the day but is headed for an about 27% increase for the year, while Taiwan stocks rose 1% to a record high, poised for a 25% annual rise.