Dubai Telegraph - Stocks mixed, as precious metals drop

The dollar largely rose against main rivals, precious metals retreated from record highs and oil prices firmed in quiet post-Christmas trading.

After the Federal Reserve lowered borrowing costs earlier in December, the US central bank indicated that it could stand pat when decision-makers gather again at the end of next month.

The minutes from the last meeting are published Tuesday and traders will be poring over their contents for any indication about the Fed's plans for 2026.

The prospect of cuts has helped push world stock markets to multiple record highs this year, offsetting niggling worries about stretched valuations in the tech sector.

"Concerns about overvaluations and an AI bubble look set to continue to dominate market chatter into next year," Victoria Scholar, head of investment at Interactive Investor, noted on Monday.

On commodities markets, gold and silver slipped after hitting all-time peaks in recent days.

The precious metals have enjoyed strong buying, with gold and silver both hitting record highs on expectations of more rate cuts, making them more desirable to investors.

Their status as a safe haven asset in times of turmoil has also added to their allure amid geopolitical upheaval with US strikes in Nigeria and a blockade of Venezuelan oil tankers.

On Monday, gold was sitting around $4,450 an ounce, having peaked a whisker shy of $4,550 on Friday.

Silver slid to $75.64 an ounce after touching a record above $84 on Monday.

Silver has seen a sharp run-up in recent weeks also owing to surging demand and tight supply.

Oil prices rose two percent Monday, having sunk more than two percent Friday as investors eyed a weekend meeting between US President Donald Trump and Ukrainian counterpart Volodymyr Zelensky on peace proposals.

Trump said Sunday a deal was closer than ever to end Russia's invasion of Ukraine but reported no apparent breakthrough on the issue of territory.

An end to the war could see sanctions on Russian oil removed, adding to an oversupplied market.

- Key figures at around 1130 GMT -

London - FTSE 100: UP 0.1 percent at 9,878.07 points

Paris - CAC 40: UP 0.1 percent at 8,109.63

Frankfurt - DAX: DOWN 0.1 percent at 24,326.23

Tokyo - Nikkei 225: DOWN 0.4 percent at 50,526.92 (close)

Hong Kong - Hang Seng Index: DOWN 0.7 percent at 25,635.23 (close)

Shanghai - Composite: FLAT at 3,965.28 (close)

New York - Dow: FLAT at 48,710.97 (close)

Euro/dollar: DOWN at $1.1762 from $1.1776 on Friday

Pound/dollar: DOWN at $1.3496 from $1.3501

Dollar/yen: DOWN at 156.29 yen from 156.50 yen

Euro/pound: DOWN at 87.15 pence from 87.21 pence

Brent North Sea Crude: UP 2.0 percent at $61.90 per barrel

West Texas Intermediate: UP 2.2 percent at $57.97 per barrel

C.Akbar--DT