Solid price pressure on gold, silver, amid hawkish Fed-speak

(Kitco News, Friday. Nov. 14th, 2025) – Gold and silver prices are sharply down in early U.S. trading Friday, as marketplace hopes for a December U.S. interest rate cut from the Federal Reserve have dimmed late this week. Heavy profit-taking pressure from the shorter-term futures traders is also featured in both metals today, along with weak long liquidation. December gold was last down $75.50 at $4,119.00. December silver prices were down $1.53 at $51.63.

U.S. stock indexes tumbled Thursday and were also down overnight, halting a rally this week that was spurred by the prospects of the U.S. government reopening. Hawkish statements from Federal Reserve officials ahead of a deluge of U.S. economic data spooked traders and investors. With optimism about the shutdown’s resolution priced in, concern about stock valuations re-emerged, prompting a sell-off in tech giants. As Fed officials Thursday signaled caution about future U.S. rate cuts, money markets now put the odds of a December rate cut below 50%, according to a Bloomberg report.

In separate statements, Fed Bank of St. Louis President Alberto Musalem said Fed officials should move cautiously on rates with inflation running above target. Meantime, Cleveland Fed President Beth Hammack said U.S. monetary policy should remain “somewhat restrictive.” Minneapolis Fed President Neel Kashkari said he didn’t support the last cut and is undecided on December. “It’s an expensive market and expensive markets need lower rates to help justify today’s elevated valuations,” said Matt Maley at Miller Tabak + Co and as reported by Bloomberg. “So, the idea that this could change quickly with so much data coming out all at once, this uncertainty is raising some fear in the marketplace.”

China’s economic activity cooled more than expected at the start of the fourth quarter, with an unprecedented slump in investment and slower growth in industrial output, reports Bloomberg. Fixed-asset investment shrank 1.7% in the first 10 months of the year, and industrial production climbed 4.9% last month from a year earlier, the smallest gain since the start of this year. The government’s stimulus measures have been slow to feed into the economy, with domestic demand weakening across the board and borrowing demand failing to pick up, despite a total of 1 trillion yuan in stimulus approved since the end of September. Said Bloomberg Economics: “China’s October data showed momentum softening into the fourth quarter — but not enough to prompt fresh stimulus for now. On the one hand, holiday distortions likely exaggerated the slowdown. The sharp pullback in production and exports probably reflected payback after factories brought orders forward to September ahead of the holiday. Average output growth in September and October was still faster than in August.”

The key outside markets today see the U.S. dollar index slightly higher. Crude oil prices are up and trading around $59.50 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently 4.13%.

Note: The gold market operates through two primary pricing mechanisms. The first is the spot market, which quotes prices for on-the-spot purchase and immediate delivery. The second is the futures market, which sets prices for delivery at a future date. Due to year-end positioning market liquidity, the December gold futures contract is currently the most actively traded on the CME.

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 $4,200.00 and then at the overnight high of $4,215.10. First support is seen at $4,100.00 and then at $4,050.00. Wyckoff’s Market Rating: 7.0.