Asian stocks rise, precious metals hit records on Fed rate cut bets

Asian stocks were at 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 before sliding sharply lower in volatile trading on Monday, while platinum and palladium also fell sharply after hitting all-time highs. Gold eased nearly 1% but has repeatedly breached record highs this year on dollar weakness, safe-haven demand and rate cut wagers. 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.