1. Silver jumped to a record Friday, surpassing a peak set during a historic squeeze in the London market in October. Spot prices rose as much as $56.08 an ounce. Silver’s new high comes just over a month after a severe supply squeeze in the dominant silver trading hub in London in October. While the arrival of nearly 54 million troy ounces has eased that squeeze, the market still remains markedly tight with the cost of borrowing the metal over one month hovering well above its normal level. The flows into the London market have now put pressure on other hubs, including in China. Silver inventories in warehouses linked to the Shanghai Futures Exchange recently hit their lowest level since 2015.
2. U.S. stock futures rose on Monday, eyeing a rebound to start the shortened Thanksgiving trading week buoyed by hopes for an interest-rate cut in December. S&P 500 futures advanced roughly 0.6%, while Dow Jones Industrial Average futures edged up 0.3%. Contracts on the tech-heavy Nasdaq 100 were up 0.8% as Wall Street stocks geared up to extend Friday’s bounce. Stocks are aiming for further recovery from the pullback that has cooled this year’s AI-driven market rally. Analysts suggest an end is near for a retreat that has driven notable losses in November, as well as turbulence. Investors are heading into the shortened Thanksgiving trading week still debating the odds of an interest-rate cut, even after influential policymaker John Williams set the stage for Federal Reserve easing next month. Delayed economic data releases will start to flow this week, helping with those calculations.
3. The Securities and Exchange Commission’s possible plan to grant crypto companies’ relief from regulation to sell “tokenized” stocks risks harming investors, a group of stock exchanges said in a letter to the U.S. regulator this week. Several crypto companies plan to sell crypto tokens linked to listed equities to retail investors who want to get exposure to stocks without owning them directly. But to sell the products in the U.S., crypto companies which are not registered as broker-dealers would need the SEC to give them a no-action letter or an exemption. The World Federation of Exchanges, a group whose members include the U.S. Nasdaq and Germany’s Deutsche Boerse, said in a letter dated November 21 that an exemption could create market integrity risks and undermine investor protections. “The SEC should avoid granting exemptions to firms attempting to bypass regulatory principles that have safeguarded markets for decades,” WFE CEO Nandini Sukumar told the media.
4. Treasuries slipped ahead of U.S. data expected to show a rebound in inflation pressures, which would dent speculation over Federal Reserve interest-rate cuts. The 10-year yield rose one basis point to 4.04%, ending a three-day winning streak for Treasuries that took yields to their lowest this month on Monday. At the moment traders are betting on a nearly 80% possibility that the Fed will cut rates by 25 basis points on Dec. 10, though a rebound in inflation could hurt the case for further moves. The market will get more supply on Tuesday, with the U.S. Treasury selling five-year notes, along with two-year notes in a reopening. Investors shied away from three- and six-month bill auctions on Monday.
5. U.S. consumer confidence nosedived in November as Americans saw sour signs ahead for the economy. The Conference Board’s reading hit 88.7 in November, down 6.8 points from October’s level of 95.5. Its measure of consumers’ short-term expectations for income, business, and labor market conditions also dragged lower to 63.2, remaining well below the threshold of 80 that the Conference Board says typically signals a recession ahead. November was the 10th consecutive month with a reading below 80. Though unemployment remains low by historical standards, the jobless rate in September was at its highest level since October 2021.
6. In the week ending November 22, the advance figure for seasonally adjusted initial claims was 216,000, a decrease of 6,000 from the previous week’s revised level. The previous week’s level was revised up by 2,000 from 220,000 to 222,000. The 4-week moving average was 223,750, a decrease of 1,000 from the previous week’s revised average. The previous week’s average was revised up by 500 from 224,250 to 224,750.
7. West Texas Intermediate oil price falls on Friday, early in the European session. WTI trades at $58.96 per barrel, down from Thursday’s close at $59.02. Brent Oil Exchange Rate in contrast, is up, advancing from the $62.89 price posted on Thursday, and trading at $63.04.
8. EUR/USD trades marginally lower on the day below 1.1600 on Friday after the data from Germany showed that Retail sales declined by 0.3% on a monthly basis in October. Markets now await German inflation data for November. U.S. financial markets will close early on Black Friday.
9. The U.S. Dollar is trading sideways at levels right above 156.00 against the Japanese Yen on Friday, after retreating from 10-month lows near 158.00 last week. Hopes of BoJ tightening are supporting the Yen, though investors’ concerns about Japanese PM Takaichi’s fiscal largesse are limiting upside attempts.
Despite the recent choppiness, gold remains on an upward trajectory amid strong demand from central banks and retail investors, with central banks and gold-backed ETFs continuing to buy, according to Rodolphe Bohn, currencies and commodities strategist at HSBC. Bohn said that even with its impressive performance year-to-date and more recent volatility, the bank maintains a positive outlook for gold in the months ahead. “We believe that investors can benefit from diversifying their exposure to global assets, particularly foreign exchange, through gold,” he wrote. “It offers resilience during periods of significant turbulence and holds potential for further appreciation.” Bohn noted that gold is in the midst of one of its most successful years of all time, with year-to-date gains of around 54%. “This exceptional growth is primarily attributable to rising global uncertainty and concerns about USD debasement,” he said.
U.S. retail sales slowed in September as investors got the first official glimpse of consumer spending in two months on Tuesday morning after the government shutdown halted a wide swath of economic data. Headline retail sales climbed 0.2% in September, below economists’ expectations of a 0.4% month-over-month increase. By comparison, sales rose 0.6% in August, according to Census Bureau data. The control group, which excludes several volatile categories and factors into the gross domestic product reading for the quarter, decreased 0.1% following a 0.6% gain in August. The Economists polled had expected a 0.3% rise. Sales excluding autos rose 0.3% from August to September, while sales excluding autos and gas increased 0.1%. The report arrives at the start of a crucial holiday shopping season and carries added weight as investors and policymakers continue to operate without an official read on third-quarter GDP, even with the shutdown now over.
U.S. mortgage applications to buy a home surged last week to the highest level since early 2023, despite still-elevated borrowing costs. The Mortgage Bankers Association’s index of home-purchase applications jumped 7.6% to 181.6 in the week ended Nov. 21, data from the group showed Wednesday. The contract rate on a 30-year fixed mortgage rate ticked up to a more than one-month high of 6.4%. While a sustained surge in purchase activity would certainly be welcome in a housing market that has struggled to gain momentum, the weekly figures tend to be volatile around holiday periods. MBA’s measure of refinancing, meantime, declined to the lowest level since early September.
Volatility should be expected to remain high as investors will be closely watching for hints on the upcoming monetary policy direction. Many investors have redoubled their efforts to ensure that their portfolios are sufficiently diversified in the hope that they will be able to withstand corrections in multiple market sectors. Many of these investors have included physical precious metals as part of their diversification plans, given their long history as a hedge against both inflation and during times of economic turmoil. Remember, the key to profitability through the ownership of physical precious metals is to own the physical product and hold it for the long term. Always remember that you should never overextend your ability to maintain ownership of your precious metals over the long run.
Friday to Friday Close (New York Closing Prices)
| Nov. 21, 2025 | Nov. 28, 2025 | Net Change | ||
| Gold | $4,085.36 | $4,215.72 | 130.36 | 3.19% |
| Silver | $50.33 | $56.44 | 6.11 | 12.14% |
| Platinum | $1,517.79 | $1,687.29 | 169.50 | 11.17% |
| Palladium | $1,384.58 | $1,472.82 | 88.24 | 6.37% |
| Dow | 46245.56 | 47716.42 | 1470.86 | 3.18% |
Month End to Mont End Close
| Oct. 31, 2025 | Nov. 28, 2025 | Net Change | ||
| Gold | $3,997.35 | $4,215.72 | 218.37 | 5.46% |
| Silver | $48.66 | $56.44 | 7.78 | 15.99% |
| Platinum | $1,576.19 | $1,687.29 | 111.10 | 7.05% |
| Palladium | $1,445.44 | $1,472.82 | 27.38 | 1.89% |
| Dow | 47562.87 | 47716.42 | 153.55 | 0.32% |
Previous Year Comparison
| Nov. 29, 2024 | Nov. 28, 2025 | Net Change | ||
| Gold | $2,660.44 | $4,215.72 | 1555.28 | 58.46% |
| Silver | $30.65 | $56.44 | 25.79 | 84.14% |
| Platinum | $950.99 | $1,687.29 | 736.30 | 77.42% |
| Palladium | $986.60 | $1,472.82 | 486.22 | 49.28% |
| Dow | 44910.65 | 47716.42 | 2805.77 | 6.25% |
Here are your Short-Term Support and Resistance Levels for the upcoming week.
| Gold | Silver | |
| Support | 4065/3998/3930 | 50.38/48.27/46.51 |
| Resistance | 4200/4268/4323 | 54.26/56.02/58.05 |
| Platinum | Palladium | |
| Support | 1528/1475/1436 | 1389/1334/1286 |
| Resistance | 1621/1661/1705 | 1491/1539/1597 |