Stocks up as markets wind down to bumper year; gold and silver smash records

• Nikkei edges up 0.4%, U.S., European stock futures flat
• Asia shares eye bumper year, best since 2017; South Korea up 72%
• Dollar, oil prices down for 2025, gold, silver on a tear

By Stella Qiu

SYDNEY, Dec 24 (Reuters) - Asian shares advanced on Wednesday, capping a year of brisk artificial intelligence-driven gains, while commodities such as gold and silver extended their bullish run to new all-time highs as 2025 draws to a close.

Overnight on Wall Street, the S&P 500 notched a closing record as the elusive Santa Claus rally finally set in. U.S. data showing the economy expanded at a much faster-than-expected clip in the third quarter boosted risk sentiment but weighed on bonds.

Gold and silver were again the big movers in early Asian trade. Spot gold prices XAU= climbed 0.8% to another all-time high of $4,524 per ounce, bringing the gain for this year to 72%. Silver XAG= jumped 1.2% to a record $72.27 per ounce, and was set for an annual rise of almost 150%, its best year ever.

Stocks in the region were slightly higher, with MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS up 0.3%. The index is up 26% for the year, its best performance since 2017.

EURO STOXX 50 futures STXEc1, Nasdaq futures NQc1 and S&P 500 futures ESc1 were little changed amid thin liquidity.

Japan's Nikkei .N225 rose 0.4% and was up 26% this year. South Korea .KSII outperformed the rest of Asia for the year with a meteoric surge of 72%.

"As equity markets enter the fourth year of a bull market, our underlying market call remains constructive," said Scott Chronert, a U.S. equity strategist at Citi, who is tipping another year of upsides for equities on earnings growth and high valuations.

"Yet, high performance dispersion within themes, sectors, and market cap is expected."

In the foreign exchange market, the yen gained for a third straight session amid intervention risk from Japanese authorities. The dollar JPY=lost 0.3% to 155.78 yen, retreating from the 158 level zone that drew intervention in the past.

The euro EUR= was largely steady at $1.18, having rallied 14% this year. Against its major peers, the dollar was down about 10% this year.

Treasuries rallied this year on the resumption of Fed rate cuts. Two-year Treasury yields US2YT=RR were steady at 3.532%, having fallen by 72 basis points this year, while the 10-year yield US10YT=RR traded at 4.1589%, down 42 bps for the year.

Oil prices held steady in early trade but were set for a third straight year of losses. Brent crude LCOc1 futures were flat at $62.41 a barrel, but were down 16% for the year. O/R