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 Update
Gold prices continue to hold strong support and, all else being equal, are poised to drift higher on Monday. Spot trading currently marks gold just below $4100/oz, below but within sight of the all-time highs notched at $2500 in October. Speculation about Federal Reserve interest rate policy continues to be the dominant driver of gold pricing at this late hour for 2025; as a basket of non-yielding assets, the precious metal complex expects to benefit by comparison in a lower rate environment. Gold and its cousins are also enjoying a compounded tailwind this week, thanks to the US Dollar weakening in response to the same monetary policy projections. At the end of last week, while the views of FOMC officials regarding a third-consecutive rate cut next week were a mixed bag when taken as a whole, key participants like the New York Fed’s John Williams have come own as open to a December cut and this is the side that the market appears to be prioritizing in modeling end-of-year projections; the CME currently views see investors and money managers betting on a 70% probability of a December rate-cut.
Gold is still differentiated from the other precious metals, though in its historic utility as a protective play. Given the apparent missteps in a proposed Russia/Ukraine peace process, we expect risk-off sentiment to continue supporting gold, even if other commodities come under pressure later this week due to profit-taking liquidations.
Silver Market Update
Silver prices are similarly stronger on the way to the November 2025 close on the back of Fed signaling and boosted by the Dollar Index’s slide. In spot markets, silver continues to consolidate its position above $50/oz, and if the market can hold through potential runs of profit-taking at month-end, we may see another attempt at making new all-time highs. Unlike gold, silver traders do need to be wary about the health of the US industrial sector of course, as any notable slowdown in US manufacturing could reduce demand for silver. The trading correlation between gold and silver has not proven resilient enough throughout 2025 to rule out the possibility that silver prices may fall back below $50 on supply vs. demand, even if the yellow metal holds position.
Platinum Market Update
Platinum is finally joining the Q4 party, climbing away from a six-week lull to breach toward $1550/oz again in spot markets. This appears to be part of the broader market reaction to Williams’ comments on Friday that underlined the viability (if not likelihood) of a December rate cut. Of course, the platinum market can be expected to see solid support for the foreseeable future, even closer to $1500, due to the global supply shortage of a precious metal highly sought after not just for physical investment purposes but also for industrial use. To wit: platinum prices are currently trading a +70% premium to 2024 prices.
Key US Economic Data to WatchRetails Sales (Sep) // Tuesday, November 25
[consensus est.:+0.4% MoM // prev.: +0.6%]
Producer Price Index // Tuesday, November 25
[consensus est.: +0.3% MoM // prev.: -0.1%]
Initial Jobless Claims // Wednesday, November 26
[consensus est.: +227K :: prev.: +220K]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.
