Wall Street stocks edged down on Friday amid holiday-thinned trading while precious metals extended their year-long surge to record highs.

Silver topped US$75 an ounce for the first time while gold also pushed to a fresh record price, with geopolitical risk elevated as US military and economic pressure on Venezuela persists.

Precious metals have surged in 2025 as uncertainty about US policy under President Donald Trump – and the prospect of further Federal Reserve interest rate cuts – have weakened the dollar, reducing its appeal to investors.

Major indices in New York moved sideways for much of a quiet, post-Christmas session.

All three finished marginally lower, with the Dow and S&P 500 both slightly below Wednesday's records.

But market watchers remain bullish ahead of next week's finale to 2025.

Stocks often rise in the peak festive period, sometimes yielding a "Santa Claus rally."

"We've had a good week so with the weekend ahead, and also with the light trading for next week, possibly you had people who are just looking to take some profits," said CFRA Research's Sam Stovall.

"But I still think that we're going to end the year on a high note." (AFP)