On the last full trading day before the Christmas holiday, the US stock market is expected to close quietly, despite a relatively busy data day.

Only one day remains until the official start of the 'Santa Claus Rally'—defined by the Stock Trader’s Almanac, this period covers the last five trading days of the current year and the first two trading days of the next year. Considering that the S&P 500 index has performed relatively flat in December, only rising 1.6%, the US stock market undoubtedly needs a boost.

This stands in stark contrast to another stellar month for the precious metals sector: gold rose 9% in December, and silver soared 36%, with both precious metals appearing poised to set new historical highs again on Tuesday.

This further enhances the optimism of gold bulls, as Yardeni Research, an independent investment research firm founded by Wall Street veteran and senior strategist Ed Yardeni, has just raised its target price for gold next year.