Quick overview

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Spot gold increased 1% to reach a two-week high as anticipation of the U.S. Federal Reserve’s interest rate cut. Silver reached a new record high, and the Federal Reserve’s decision to lower interest rates next month increased demand for the non-yielding asset.  Spot gold was up 1.3 percent to $4,210.94 per ounce after hitting its highest price on November 13

Bullion metal was predicted to increase by 3.6 percent weekly, 5.2 percent monthly, and for the fourth consecutive month. Silver increased 6.1 percent for the session and 16.6 percent for the month, reaching a new record high of $56.78 per ounce.

“The expectation is that we’re going to continue to have a slower economy going into 2026, and the Federal Reserve is very likely to cut rates, which is getting some investors back into gold. Expectations that the central bank will lower interest rates next month have increased because of recent dovish statements made by Fed Governor Christopher Waller and New York Fed President John Williams, as well as softer economic data following the recent US government shutdown.

The likelihood of a rate cut in December is now 87%, up from 50% last week, according to traders. “The technical charts for silver have turned more bullish in the past week or so, and that’s inviting the chart-based speculators to the long side of the silver market,” Kitco Metals senior analyst Jim Wyckoff stated.

Demand for gold was muted in major Asian markets this week because of higher prices that discouraged retail purchases. The elimination of a tax exemption on gold purchases in China reduced consumer demand.