Wall Street closed slightly lower on Tuesday (Wednesday AEDT), marking a subdued finish to a volatile but broadly successful year for global markets, while gold prices rebounded in the penultimate trading session of 2025.
The Dow Jones Industrial Average fell 94.9 points, or 0.2%, to close at 48,367.1. The S&P 500 eased 9.5 points, or 0.1%, to 6,896.2, while the Nasdaq Composite declined 55.3 points, or 0.2%, to end at 23,419.1.
Despite the muted session, U.S. equities remain on track to post robust double-digit gains for the year, having navigated tariff disputes, the longest government shutdown in U.S. history and heightened geopolitical tensions.
Minutes from the U.S. Federal Reserve’s final policy meeting of the year weighed modestly on sentiment, showing broad agreement over cutting interest rates but revealing deep divisions among policymakers about the risks facing the U.S. economy and the appropriate path for future policy.
Geopolitical uncertainty also lingered after Russian President Vladimir Putin warned that Moscow’s negotiating stance on Ukraine could harden, following accusations that Kyiv had attacked his residential complex in Roshchino.
Ukraine denied the claims, saying the Kremlin had fabricated the incident to derail peace talks.
In commodities, gold and silver rebounded sharply after steep losses in the previous session, which were largely attributed to year-end profit-taking following a bumper year for precious metals.
Gold remains on course for its strongest annual performance since 1979.
Spot gold rose 0.3% to $4,344.75 an ounce, while spot silver surged 5.4% to $76.20 per ounce.
The U.S. dollar held onto gains after the Fed minutes but remained on track for its steepest annual decline in eight years.
The dollar index rose 0.23% to 98.23, with the euro down 0.23% at $1.1745.
On the bond markets, U.S. Treasury yields were mixed, with the benchmark 10-year yield rising 0.4% to 4.18%, while the 2-year yield edged 0.1% lower to 3.452%.
