Gold prices were largely steady in Wednesday’s trading, holding near record levels amid quiet market conditions as investors prepared for the Christmas holiday.

Government data released on Tuesday showed that the preliminary reading of US gross domestic product grew by 4.3% year on year in the third quarter, up from 3.8% in the second quarter and well above expectations for growth of 3.3%.

According to the CME FedWatch tool, the probability of a 25-basis-point interest rate cut in January fell to 13.3%, down from 19.9% on Tuesday and 24.4% a week earlier.

Commenting on the data, White House economic adviser and Federal Reserve chair nominee **Kevin Hassett** described the figures as “excellent” and also praised the strength of the US labor market.

Meanwhile, US President **Donald Trump** said that his nominee to lead the Federal Reserve should have monetary policies and decisions aligned with his own views.

Separately, the US dollar index was steady at 97.9 points by 17:14 GMT, after recording a session high of 98.0 points and a low of 97.9 points.

In trading activity, spot gold rose by less than 0.1% to $4,509.2 per ounce by 17:14 GMT.

The S&P 500 reached a record intraday high on Wednesday for the first time in more than a month, as investors returned to artificial intelligence stocks and bet that the Federal Reserve will cut interest rates again next year.

The index was last trading up 0.2% at 6,920.88 points, surpassing its previous intraday peak of 6,920.34, set on October 29, when shares of AI heavyweight Nvidia helped lift the index to a market valuation above $5 trillion for the first time.

US equities have rebounded from their November lows, with investors rotating back into leading technology and AI stocks as the year-end approaches. Moderating inflation and employment data have kept hopes alive for additional interest rate cuts next year.

The benchmark index had fallen as much as 5.7% from its October peak in November, as investors grew concerned about elevated technology valuations and the risk of a bubble in AI-related stocks, despite Nvidia posting strong third-quarter earnings.

However, AI shares regained momentum after Micron Technology forecast stronger-than-expected earnings last week.

Amid volatility in technology stocks, investors also shifted toward cyclical sectors such as financials and raw materials, helping the S&P 500 recover from its November decline.

The S&P 500 is up more than 17% year to date, while the Nasdaq Composite, which is heavily weighted toward technology stocks, has gained more than 21%, and the Dow Jones Industrial Average has risen over 13% over the same period.

Copper prices held near their all-time highs reached in the previous session, as strong US economic growth bolstered demand prospects for the metal, while supply constraints continued to support prices.

The most actively traded copper contract on the Shanghai Futures Exchange rose 1.5% to 95,100 yuan ($13,532.0) per metric ton by 03:02 GMT, after touching a record high of 95,550 yuan earlier in the session.

Meanwhile, the benchmark three-month copper contract on the London Metal Exchange edged up 0.1% to $12,076.5 per ton.

The contract had reached a record high of $12,159.50 on Tuesday and is on track to post an annual gain of around 38%, driven by a weaker US dollar, bets on further interest rate cuts by the Federal Reserve, rising demand linked to artificial intelligence and the energy transition, as well as mine supply disruptions that have fuelled speculative investment in the metal.

The US economy grew at its fastest pace in two years during the third quarter, supported by strong consumer spending and a robust rebound in exports.

On the supply side elsewhere, a Chinese market information provider reported last month that China’s largest copper smelters plan to cut output by more than 10% in 2026, in an effort to address excess smelting capacity that has led to growing distortions in copper concentrate treatment charges.

Strength across the broader metals market further supported prices, as the US dollar is set to record its worst annual performance in more than two decades on Wednesday, with investors betting that the Federal Reserve will have room to deliver additional rate cuts next year, while some of its global peers are expected to raise interest rates.

Among other base metals traded on the Shanghai Futures Exchange, nickel extended its rally for a sixth consecutive session, jumping 4% to 126,680 yuan per ton, the highest level in around nine months.

Benchmark nickel prices on the London Metal Exchange also rose 1% to $15,970 per ton, marking a seven-month high.

In Shanghai, aluminium gained 0.5%, zinc rose 0.8%, and lead advanced 1.3%, while tin slipped 1.2%.

On the London Metal Exchange, aluminium climbed 0.3%, zinc increased 0.8%, and lead added 0.6%, while tin fell 0.2%.

Oil prices edged higher for a sixth consecutive session on Wednesday, supported by strong economic growth in the United States and risks of supply disruptions from Venezuela and Russia, even as prices are on track for their steepest annual decline since 2020.

Brent crude futures rose 16 cents, or 0.3%, to $62.54 a barrel by 12:22 GMT, while US West Texas Intermediate crude gained 23 cents, or 0.4%, to $58.61 a barrel.

Both contracts have advanced about 6% since December 16, when they fell to levels near five-year lows.

Tony Sycamore, market analyst at IG, said the past week reflected “a combination of position squaring in thinly traded markets after last week’s sell-off failed to gain traction, alongside rising geopolitical tensions, including the US blockade on Venezuela, as well as support from the strong GDP data released overnight.”

US data showed that the world’s largest economy grew at its fastest pace in two years during the third quarter, driven by resilient consumer spending and a sharp increase in exports.

Despite the recent rebound, both Brent and WTI are set to post annual declines of around 16% and 18%, respectively — their biggest drops since 2020, when the COVID-19 pandemic crushed global oil demand — amid expectations that supply will outstrip demand.

On the supply front, disruptions to Venezuelan exports have been a key factor lifting prices, while ongoing reciprocal attacks by Russia and Ukraine on energy infrastructure have also supported the market, according to a report from Haitong Futures.

More than a dozen oil tankers loaded with crude are currently waiting for new instructions in Venezuela after the United States seized the supertanker “Skipper” earlier this month and targeted two additional vessels over the weekend.

US President Donald Trump said last week that Washington had imposed a “blockade” on all sanctioned ships entering or leaving Venezuela, stepping up pressure on Venezuelan President Nicolás Maduro.

Meanwhile, data showed US crude inventories rose by 2.39 million barrels last week, while gasoline stocks increased by about 1.09 million barrels and distillate inventories climbed by 685,000 barrels, according to market sources citing figures from the American Petroleum Institute released on Tuesday.

Official inventory data from the US Energy Information Administration are scheduled for release on Monday, later than usual due to the Christmas holiday.