Gold prices rise for the fourth consecutive month, while silver hits an all-time high
The suspension of trading by CME affects currency exchange rates, commodities, and futures contracts. Investors anticipate a possible rate cut by the US Fed next month.
Gold prices continued their upward trend, with spot gold rising 1% to hit a two-week high on Friday, November 28, 2025. This increase was driven by expectations that the U.S. Federal Reserve (Fed) may cut interest rates next month, boosting demand for non-yielding assets like gold. Meanwhile, silver surged to an all-time high, rising 6.1% in a single session and 16.6% over the month.
Spot gold increased 1.3%, reaching $4,210.94 per ounce at 3:11 PM Eastern Time (20:11 GMT), after peaking earlier that day. This marked a 3.6% rise over the week and a 5.2% increase for the month, marking the fourth consecutive month of growth.
Silver also saw historic gains, hitting a record high of $56.78 per ounce, climbing 6.1% in the session and 16.6% over the month. Meanwhile, platinum rose 4% to $1,672.50, showing a 10.7% weekly increase, and palladium increased 0.8% to $1,450.16, with a 5.6% rise for the week.
Trading resumed around 8:30 AM Eastern Time after a technical issue at CME Group, the world’s largest derivatives exchange, caused a suspension of trading in currency, commodities, U.S. Treasury futures, and stocks.
U.S. gold futures for February delivery closed up 1.3% at $4,254.90 per ounce.
Investor Focus on the Fed:
The Federal Reserve’s likely interest rate cut has investors watching closely. Bart Melek, Global Head of Commodity Strategy at TD Securities, stated that the forecasted economic slowdown in 2026 and the Fed's potential rate reduction are expected to draw investors back into gold. Melek added that gold performs well in low-interest-rate environments.
Recent dovish comments from Fed Governors, including Christopher Waller and John Williams, along with weaker economic data, have heightened expectations for a rate cut next month. Currently, there is an 87% chance of a rate reduction in December, up from 50% last week.
Jim Wyckoff, Senior Analyst at Kitco Metals, noted that the technical chart for silver shows a strong upward trend, attracting speculative buying in the precious metals market.
Weak Demand in Key Asian Markets:
Gold demand in major Asian markets softened this week due to high prices, despite the start of India’s wedding season. In China, the removal of tax exemptions for gold purchases has further impacted consumer demand.
Despite this, platinum and palladium saw strong performances. Platinum increased by 4%, reaching $1,672.50 per ounce, up 10.7% for the week, while palladium rose by 0.8% to $1,450.16, with a 5.6% weekly increase.
This continued surge in precious metal prices highlights growing investor interest amid expectations of a shift in U.S. monetary policy and ongoing market volatility.
