Gold and silver prices rose strongly, both hitting record highs
2025-10-16 22:33:27
Gold and silver prices surged overnight, reaching record highs during US trading on Thursday (October 16). December gold futures (currently trading over a dozen dollars above spot gold) hit an intraday high of $4,263.40 per ounce, while December silver futures reached a record high of $52.89 per ounce. Sustained safe-haven demand and technical buying drove prices higher, while short-sellers in the gold and silver markets opted to wait and see, unwilling to intervene.
Global stock markets showed divergent trends overnight, with U.S. stock indexes expected to open higher when trading begins in New York.
U.S. Treasury Secretary Jeff Bessent said on Wednesday that the United States may extend the suspension of import tariffs on Chinese goods for more than three months if China suspends its strict new export control plan for rare earth elements.
Indian Prime Minister Modi Pledges to Stop Buying Russian Oil: According to Bloomberg, President Trump said on Wednesday that Indian Prime Minister Narendra Modi has pledged to stop buying Russian oil, signaling a possible resolution to diplomatic and trade disagreements between the US and India over the issue. The Indian government has not confirmed whether it will comply with Trump's request but has stated that it is committed to deepening energy cooperation with the US. Trump said Modi assured him that India would no longer buy Russian oil, calling it a "significant step" and adding that he now hopes China will do the same.
The Federal Reserve's Beige Book: US consumer spending is weak, and prices continue to rise: The Federal Reserve's Beige Book, released Wednesday afternoon, showed that US economic activity has been essentially flat in recent weeks, with employment levels broadly stable. However, overall consumer spending has declined slightly, while prices have continued to rise, with several districts reporting a faster pace of input cost growth. Districts expressed mixed views on the economic growth outlook, with some respondents expecting a rebound in demand over the next six to 12 months, while others cited risks such as a prolonged government shutdown. The Fed stated that several districts reported higher input costs due to tariffs, but the extent to which these costs were passed through to end-user prices varied: some companies chose to maintain prices largely unchanged to retain customers, while others passed on the increased import costs entirely to consumers.
The current situation in the major external markets is as follows: the US dollar index weakened; crude oil prices strengthened, trading around US$58.75 per barrel; the benchmark 10-year US Treasury bond yield is currently 4.024%.
Technical Analysis
December Gold Futures: Bulls have a clear overall short-term technical advantage. Bulls' next upside price objective is closing prices above the key resistance level of $4,300.00. Bears' next short-term downside price objective is pushing prices below the key support level of $4,000.00. First resistance is seen at $4,275.00, with further resistance at $4,300.00. First support is seen at the overnight low of $4,214.50, with further support at $4,200.00.
December silver futures: Bulls also have a clear overall short-term technical advantage, but appear to be showing signs of fatigue. Silver bulls' next upside price objective is pushing prices above key resistance at $55.00. Bears' next downside price objective is pushing prices below key support at last week's low of $46.70. First resistance is seen at the overnight all-time high of $52.89, with further resistance at $53.00. First support is seen at the overnight low of $51.195, with further support at $51.00.
Global stock markets showed divergent trends overnight, with U.S. stock indexes expected to open higher when trading begins in New York.
U.S. Treasury Secretary Jeff Bessent said on Wednesday that the United States may extend the suspension of import tariffs on Chinese goods for more than three months if China suspends its strict new export control plan for rare earth elements.
Indian Prime Minister Modi Pledges to Stop Buying Russian Oil: According to Bloomberg, President Trump said on Wednesday that Indian Prime Minister Narendra Modi has pledged to stop buying Russian oil, signaling a possible resolution to diplomatic and trade disagreements between the US and India over the issue. The Indian government has not confirmed whether it will comply with Trump's request but has stated that it is committed to deepening energy cooperation with the US. Trump said Modi assured him that India would no longer buy Russian oil, calling it a "significant step" and adding that he now hopes China will do the same.
The Federal Reserve's Beige Book: US consumer spending is weak, and prices continue to rise: The Federal Reserve's Beige Book, released Wednesday afternoon, showed that US economic activity has been essentially flat in recent weeks, with employment levels broadly stable. However, overall consumer spending has declined slightly, while prices have continued to rise, with several districts reporting a faster pace of input cost growth. Districts expressed mixed views on the economic growth outlook, with some respondents expecting a rebound in demand over the next six to 12 months, while others cited risks such as a prolonged government shutdown. The Fed stated that several districts reported higher input costs due to tariffs, but the extent to which these costs were passed through to end-user prices varied: some companies chose to maintain prices largely unchanged to retain customers, while others passed on the increased import costs entirely to consumers.
The current situation in the major external markets is as follows: the US dollar index weakened; crude oil prices strengthened, trading around US$58.75 per barrel; the benchmark 10-year US Treasury bond yield is currently 4.024%.
Technical Analysis
December Gold Futures: Bulls have a clear overall short-term technical advantage. Bulls' next upside price objective is closing prices above the key resistance level of $4,300.00. Bears' next short-term downside price objective is pushing prices below the key support level of $4,000.00. First resistance is seen at $4,275.00, with further resistance at $4,300.00. First support is seen at the overnight low of $4,214.50, with further support at $4,200.00.
December silver futures: Bulls also have a clear overall short-term technical advantage, but appear to be showing signs of fatigue. Silver bulls' next upside price objective is pushing prices above key resistance at $55.00. Bears' next downside price objective is pushing prices below key support at last week's low of $46.70. First resistance is seen at the overnight all-time high of $52.89, with further resistance at $53.00. First support is seen at the overnight low of $51.195, with further support at $51.00.
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