US Stocks Surge to New Highs, While Gold and Silver Futures Decline​

In the financial markets recently, the three major U.S. stock indices have shown a significant upward trend, demonstrating strong market vitality. The Dow Jones Industrial Average rose 0.47% on the day, successfully breaking through and stabilizing at 44,901.92 points. This increase not only reflects the steady performance of the constituent companies of the index but also indicates that market confidence in traditional industries, finance, and other sectors continues to strengthen. Many industrial giants have reported good earnings growth in their recently released financial reports. The increase in order volume and effective cost control have driven up stock prices, thereby boosting the Dow Jones Industrial Average.​

The S&P 500 Index also performed brilliantly, rising 0.4% to close at 6,388.64 points, once again hitting a new all-time high. Known as a barometer of the U.S. economy, the S&P 500 Index covers a wide range of industries. The new high this time is attributed to the coordinated development of multiple industries. The technology sector continues to exert its strength, continuously improving profitability through technological innovation and market expansion; the consumer sector has benefited from the recovery of consumer confidence and the arrival of the consumption peak season, with impressive sales data contributing to the index's rise. The dynamic adjustment mechanism of its constituent stocks has played a key role. It regularly eliminates declining companies and incorporates leading enterprises in emerging industries. For example, Kodak, which was once removed for failing to adapt to the digital age, was replaced by Netflix. Netflix, with its explosive growth in the streaming media business, has driven the index upward, ensuring that the index always represents the most competitive group of enterprises and reflects the trend of industrial upgrading.​

The Nasdaq Composite Index rose 0.24% to 21,108.32 points, also continuing its glorious history of new highs. The Nasdaq Index, which is dominated by technology stocks, has long been driven by technological innovation. In recent years, cutting-edge technology fields such as artificial intelligence, big data, and cloud computing have developed rapidly. Relevant enterprises have continuously made technological breakthroughs and achieved commercial applications, attracting a large amount of capital inflow. Tech giants like Apple, Microsoft, and NVIDIA not only dominate the global market but also consolidate their competitive advantages through continuous R&D investment and product innovation, driving the Nasdaq Index to surge forward. The artificial intelligence investment boom triggered by ChatGPT in 2023 led to a significant increase in primary market investment in the generative AI field. The stock prices of related technology companies soared, pushing the Nasdaq Index up by 43% cumulatively. This trend continued from 2024 to 2025, constantly helping the index set new records.​

However, in sharp contrast to the prosperity of U.S. stocks, the prices of COMEX gold futures and COMEX silver futures have declined significantly. COMEX gold futures fell 1.04% to close at 3,338.50perounce,whileCOMEXsilverfuturesdroppedevenmoresharplyby2.29，38.33 per ounce. As a traditional safe-haven asset, the price trend of gold is usually closely related to the global economic situation, geopolitical situations, and market risk appetite. One of the main reasons for the decline in gold prices this time is the cooling of market risk aversion. Recently, global trade tensions have eased. Progress has been made in U.S.-Japan trade negotiations. Trump announced a reduction in tariffs on Japanese automobiles and obtained a commitment of large-scale investment from Japan; the European Union has also reached certain consensus with the United States on tariff issues concerning key commodities. This series of positive signals has alleviated the market's pessimism about global economic growth, leading to a recovery in the stock market. Funds have flowed out of the gold market and shifted to assets with higher risks but better profit expectations.

In addition, changes in expectations regarding the Federal Reserve's policies have also had an important impact on gold prices. Earlier this week, Trump's criticism of the Federal Reserve's monetary policy triggered market concerns. Investors flocked to gold for hedging, pushing the gold price to briefly break through the $3,400 mark. However, Trump later stated his support for a "strong dollar," easing market concerns about the independence of the Federal Reserve, and the U.S. dollar index rose slightly in response. Since gold is priced in U.S. dollars, a stronger dollar makes gold more expensive for holders of other currencies, suppressing demand and thus putting downward pressure on gold prices. The price of silver usually has a strong correlation with that of gold. Driven by the decline in gold prices, coupled with the lack of obvious positive support in industrial demand, the price of silver futures has fallen more significantly.​

This trend in the financial market highlights the differentiated performance of different asset classes in a complex economic environment. The strength of U.S. stocks is driven by expectations of economic recovery, corporate profit growth, and technological innovation; while the decline in gold and silver futures reflects the dual impact of weakened hedging demand and the U.S. dollar factor. The future market remains uncertain, and investors need to pay close attention to global economic data, geopolitical developments, and the direction of monetary policies to reasonably adjust their investment portfolios and cope with market changes.​