Gold, silver up as FOMC minutes, U.S. jobs data on deck

(Kitco News. Wed. Nov. 19th, 2025) – Gold and silver prices are higher near midday Wednesday but down from their daily highs. Modest safe-haven demand is featured at mid-week, amid a jittery U.S. stock market and ahead of important U.S. economic data that starts with this afternoon’s FOMC minutes. A rally in the U.S. dollar index today has tempered the stronger early gains in gold and silver. December gold was last up $25.30 at $4,091.40. December silver prices were up $0.904 at $51.415.

Key focal points include the FOMC meeting minutes later today, followed by Thursday’s jobs report from the Labor Department, both of which could provide more clarity on the U.S. interest rate outlook. U.S. agencies have started rolling out economic data delayed by the federal government shutdown. Traders and investors worry that upcoming economic data could limit the Fed’s ability to ease further amid policymakers’ skepticism. Concerns over lofty tech stock valuations have weighed on risk sentiment, enhancing gold and silver’s safe-haven appeal amid the recent stock market sell-off.

Goldman Sachs President John Waldron said stock indexes are primed for possible further declines as investors await the quarterly earnings report from technology leader Nvidia Corp later today. “It strikes me the market could pull back further from here,” Waldron said in an interview on the sidelines of the Bloomberg New Economy Forum in Singapore on Wednesday. “I do think the technicals are kind of more biased for more protection, and more downside.” The S&P 500 is down more than 3% this month, on course for its worst month since March, while volatility has surged. A sell-off in the world’s largest technology companies has reignited a debate on AI, and whether it is generating enough revenue or profit to justify the massive spending on infrastructure. “You’re seeing in the markets right now a pullback, which I think is healthy — markets have run quite a bit this year,” he said on Bloomberg Television. “Markets are heavily focused on this AI dynamic: are we going to get the returns on capital invested that the market expects, and is that priced in? That’s a big debate.” Wall Street’s so-called fear gauge, the Cboe Volatility Index, topped 24 — above the key 20 level that causes concern for traders — and reached its highest in a month.

Technically, December gold futures bulls’ next upside price objective is to produce a close above solid resistance at the record high of $4,398.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $4,000.00. First resistance is seen at today’s high of $4,134.30 and then at $4,200.00. First support is seen at the overnight low of $4,056.10 and then at $4,000.00.

December silver futures bulls have the firm overall near-term technical advantage and their next upside price objective is closing prices above solid technical resistance at the record high of $54.415. The next downside price objective for the bears is closing prices below solid support at $47.50. First resistance is seen at the overnight high of $52.245 and then at $52.50. Next support is seen at $51.00 and then at the overnight low of $50.385.

Posted by:

Jack Dempsey. President

401 Gold Consultants LLC

jdemp2003@gmail.com