Chinese President Xi Jinping on Wednesday said that China and Spain have set a model of friendly coexistence and common development among countries with different historical and cultural backgrounds and social systems.
In his meeting with King Felipe VI of Spain in Beijing, Xi hailed the way China and Spain have developed their relationship for the past 50-plus years and the role both sides play in promoting a more open world. "Both China and Spain boast profound historical and cultural heritages. Over the past more than 50 years since the establishment of diplomatic relations, the two countries have consistently approached and advanced bilateral ties from a strategic and long-term perspective, respected and supported each other, and helped each other succeed, setting a model of friendly coexistence and common development among countries with different historical and cultural backgrounds and social systems. Both counties have played a vital role in promoting global openness and cooperation, as well as in upholding international fairness and justice," said the Chinese president.
At the invitation of Xi, King Felipe VI is paying a state visit to China from Monday to Thursday. It marks his first state visit to the country after his enthronement in 2014, and the first visit by a Spanish monarch to China in 18 years.
China-Spain relations set model for countries with different social systems: Xi
Both Gold and silver prices hit record highs on Monday, driven by geopolitical tensions and market expectations for further U.S. Federal Reserve rate cuts.
Spot gold prices breached 4,420 U.S. dollars per ounce during the intraday trading on Monday, while gold futures contract on the New York Mercantile Exchange (NYMEX) briefly surpassed 4,450 U.S. dollars per ounce, both hitting all-time highs.
In addition, the silver futures contract on NYMEX climbed above 69.5 U.S. dollars per ounce on Monday, surging nearly three percent, also reaching a record high.
Bloomberg News reported that escalating geopolitical tensions and market expectations for further Fed rate cuts were the primary drivers behind the soaring gold prices.
Traders anticipate the Fed will cut rates twice in 2026 following last week's release of a series of U.S. economic data.
Meanwhile, U.S. President Donald Trump has consistently advocated more accommodative monetary policies.
Persistent geopolitical tensions in recent weeks have also heightened the safe-haven appeal of gold and silver.
Bloomberg projected on Monday that both gold and silver are poised for their strongest annual gains since 1979.
Due to purchases of central banks and inflows into exchange traded funds (ETFs), gold prices have surged by about two-thirds this year.
Gold-backed ETFs have recorded five consecutive weeks of increased inflows.
World Gold Council data shows that, except for May, the total holdings of these funds have increased month on month this year.
Beyond central banks, investors have also played a significant role in the gold price rally.
Fueled by concerns over the value of sovereign bonds and their denominating currencies, investors have been fleeing these assets.
The Wall Street Journal reported in October that investors who were concerned about the outlook for currencies like the U.S. dollar were aggressively buying alternative assets such as gold.
Goldman Sachs released a research report on December 18, forecasting that gold prices would rise to 4,900 U.S. dollars per ounce by the end of 2026.
Gold, silver prices soar to new record highs as investors hunt for safety
