Hello and welcome to our market week preview, where we take a look at the economic data, market news, and headlines likely to have the biggest impact on pricing and market momentum for gold, silver, and platinum, as well as key correlated assets.
Gold Market
Gold prices are marking a two-week high well above $4000/oz as New York’s Monday session hits its stride after a rally of nearly $100 from last week’s close. Research and reporting this week points to weaker US economic data (from what little we’ve received over the last 30+ days), having pushed markets in general back into a risk-off stance; with the US Dollar softening the uptick as well in gold buying for safety is a key driver of the yellow metal’s rally. The corresponding increase in bets on a third consecutive rate cut in December (now priced at a ~70% probability) has lifted gold the rest of the way. Because gold does not have the direct tie to manufacturing demand that other parts of the precious metals basket have (as we’ll note below), this makes the most recent rally vulnerable to how investors will digest the flood of delayed-released macroeconomic data that will follow shortly after if the US legislative branch does, in fact, manage to reopen the federal government this week.
Platinum Market
Compared to early trading in gold and silver this week, platinum’s chart looks relatively unexciting, though it has tracked a gain of roughly $30/oz as of Monday morning. This brings XPT prices back to the $1570 level held prior to last week’s selling, but still well short of the highs going back to mid-October, as traders and money managers still appear to have grown weary of purely speculative buying across all precious metals. While some component of Monday’s tailwind comes from the same inputs pressing gold and silver higher as the macroeconomic and geopolitical outlooks remain uncertain in the near- to medium-term, the steady and elevated placement of platinum’s recent baseline is likely driven more by supply/demand dynamics that have been in play throughout 2025 as the perceived decline in global demand for the metal (in both industrial and jewelry sectors) is still being out-paced by a drop in supply.
Silver Market
Silver prices are back at a three-week high point and knocking just below the coveted $50/oz level again, thanks to a pickup of +3.5% on Monday morning. However, platinum’s performance to start the week may be more indicative of the near-term path for silver, given that the two commodities share an important function as an industrial input that gold does not. While silver likely has a high floor, as platinum demonstrated last week, if the risk-off swing that is pushing gold higher to begin this week doesn’t have longer legs, we see a potential for silver to retrace its steps back below $49 when volumes and volatility calm.
Scheduled US Economic Data
- ADP Weekly Payrolls Change (Tuesday, 11/11)
- Public appearances from key FOMC officials: Musalem, Williams
Key Delayed US Economic Data
- September Jobs Report
- October Jobs Report
- September and October CPI
- September and October Retail Sales
And that’s how the precious metals basket is performing to begin the week, and how the week’s macroeconomic data calendar lays out ahead of us. As always, we wish you all the best of luck in your markets in the coming days, and we’ll look forward to seeing you all back here next week for another metals market preview.
