Commodities prices to trend higher in 2023 and beyond – UBS

The EUR/USD pair trades in positive territory around 1.1755 during the early European trading hours on Friday. The European Central Bank kept rates unchanged at its December policy meeting, and its outlook suggested less urgency for further cuts, which has provided some support to the Euro against the US Dollar. 

The GBP/USD pair gathers strength to around 1.3480 during the early Asian session on Friday. Expectations of the US Federal Reserve rate cuts this year weigh on the US Dollar against the Pound Sterling. Philadelphia Fed President Anna Paulson is set to speak later on the weekend. 

Gold price rises to near $4,345 during the early Asian session on Friday. Gold finished 2025 with a significant rally, achieving an annual gain of around 65%, its biggest annual gain since 1979. The rally of the precious metal is bolstered by the prospect of further US interest rate cuts in 2026 and safe-haven flows.

Bitcoin, Ethereum, and Ripple entered the new year trading at key technical levels on Friday, as traders seek fresh directional cues in January. With BTC locked in a tight range, ETH is approaching its 50-day Exponential Moving Average, while XRP is nearing resistance. A clear breakout across these top three cryptocurrencies could help define market momentum in the opening weeks of the year.

After a year marked by global economic resilience and ending on a note of optimism, 2026 looks promising and could be a year of solid economic performance. In our baseline scenario, we expect most of the supportive factors at work in 2025 to continue to play a role in 2026.

Year 2025 was volatile, as crypto often is.  Among positive catalysts were favourable regulatory changes in the U.S., rise of Digital Asset Treasuries (DAT), adoption of AI and tokenization of Real-World-Assets (RWA).