Gold prices have climbed to a two-week high. They are also on track for a fourth straight month of gains. Traders are betting the US Federal Reserve might cut interest rates next month.
Silver has been even stronger than gold this week. On COMEX, silver hit a new record high on Friday. It jumped nearly 11% this week. Gold, by comparison, rose about 3% last week.
Oil prices moved higher too. West Texas Intermediate crude went up 1%. Brent crude recovered from earlier losses.
Trading on the CME Group platform stopped for a while. This affected several markets, including currencies, commodities, Treasuries, and stock futures. WTI crude prices were not available for some time even after other markets returned to normal.
Gold’s momentum looks positive. Traders now see an 85% chance of a rate cut in December, up from 50% last week. Lower interest rates are usually good for gold because it does not earn interest.
The chances of a rate cut have risen due to recent events. Comments from Fed officials like Christopher Waller and John Williams, along with weaker-than-expected US economic data after the government shutdown, have strengthened this view.
At the time of writing, gold on COMEX was $4,227.50 per ounce, up 0.6%. Silver also surged, passing $54.30 and later reaching $55.20 per ounce. This was its highest price in more than two weeks.
Analysts say traders will watch for a possible drop, but silver could keep climbing to new record highs. Technical indicators like the MACD suggest there is still room for silver to rise. Traders are expected to be cautious going into the weekend.
Oil trading has been mixed. WTI futures were disrupted by the CME outage. Brent crude prices pulled back slightly after Thursday’s rally. Analysts say oil has not broken out of a mild downward trend seen over the past month.
Traders are watching the upcoming OPEC+ meeting on Sunday. Most expect no major production changes. Brent crude has stayed in the $60–65 per barrel range since early October. Even with small weekly gains, both WTI and Brent are likely to post their fourth straight monthly loss due to higher global supply.
Base metals are quieter today. Trading is thin because of the US Thanksgiving holiday. The CME outage added more caution. Copper is testing $11,000 per ton, supported by tight supply and mine disruptions, but volumes are low. Aluminium dropped below $2,850.
Analysts say the market is tight but not overheating. Structural limits in China, high European power costs, and carbon regulations are balancing softer demand in some Asian regions. Green energy demand also adds complexity. Market volatility is likely to continue into 2026 rather than a straight rally.
At the time of writing, three-month copper on the London Metal Exchange was $11,184 per ton, up 2.2%. Aluminium was $2,872.50 per ton, up 1.4%.
