Gold and silver prices surge as investors buy the dip
2025-10-24 00:33:56
Gold and silver prices rose sharply in midday trading on Thursday, October 23rd. Following an intense sell-off, both are experiencing a strong corrective rebound, driven by bargain-hunting activity. Intraday price volatility remains elevated, a trend that, if sustained, is generally unfavorable for bulls.
At 00:25 Beijing time, spot gold was trading at $4,138.94 per ounce, up 0.99%. Spot silver was trading at $49.063 per ounce, up 1.30%. COMEX gold was trading at $4,155.6 per ounce, up 2.22%. COMEX silver was trading at $48.820 per ounce, up 2.39%.
Overnight news indicated that the London spot price of platinum surged 6.4% to $1,646.03 per ounce on Wednesday, its largest single-day gain since 2020. The premium of the benchmark spot contract over the futures contract rose to $53.45 per ounce from $28 per ounce on Tuesday, indicating a rush to acquire physical platinum. As reported by Bloomberg, Dan Ghali, senior commodities strategist at TD Securities, stated: "Platinum supply is tightening significantly, pushing market dislocations to extremes and raising concerns about a repeat of the 'silver short squeeze' scenario."
Today's key external market data showed: the US dollar index strengthened slightly; crude oil futures prices rose sharply, trading around US$61.75 per barrel; the benchmark 10-year US Treasury bond yield is currently around 4.0%.
Friday will see the release of the first major US government economic data in three weeks: the September Consumer Price Index (CPI) report. Market expectations are for a 3.1% year-over-year increase in the September CPI, compared to a 2.9% increase in the August report. The core CPI, which excludes food and energy prices, is also expected to rise 3.1% year-over-year, unchanged from August's core CPI reading.
Gold Technical Analysis
(Comex Gold Daily Chart Source: Yihuitong)
From a technical perspective, December gold futures bulls have the overall near-term advantage. Bulls' next upside price objective is closing prices above key resistance at $4,250.00. Bears' next near-term downside price objective is pushing prices below key technical support at $4,000.00. First resistance is seen at Wednesday's high of $4,175.00, while further resistance is seen at $4,200.00. First support is seen at $4,100.00, while further support is seen at the overnight low of $4,079.60.
Silver Technical Analysis
Silver market bulls also have the upper hand in the overall near-term technical picture, but strong resistance remains above the market. Silver bulls' next upside price objective is pushing prices above key technical resistance at $50.00. Bears' next downside price objective is pushing prices below key support at $45.00. First resistance is seen at today's high of $49.225, with further resistance at $50.00. First support is seen at $48.00, with further support at the overnight low of $47.64. Silver futures rose $40.80 to $3,815.90, with December silver futures rising $0.361 to $44.575.
Note: The gold market operates primarily through two pricing mechanisms: the spot market, where prices are quoted for immediate purchase and delivery; and the futures market, where prices are quoted for delivery at a specific future date. Due to year-end position adjustments and market liquidity, the most actively traded gold contract on the Chicago Mercantile Exchange (CME) is currently December delivery gold futures.
At 00:25 Beijing time, spot gold was trading at $4,138.94 per ounce, up 0.99%. Spot silver was trading at $49.063 per ounce, up 1.30%. COMEX gold was trading at $4,155.6 per ounce, up 2.22%. COMEX silver was trading at $48.820 per ounce, up 2.39%.
Overnight news indicated that the London spot price of platinum surged 6.4% to $1,646.03 per ounce on Wednesday, its largest single-day gain since 2020. The premium of the benchmark spot contract over the futures contract rose to $53.45 per ounce from $28 per ounce on Tuesday, indicating a rush to acquire physical platinum. As reported by Bloomberg, Dan Ghali, senior commodities strategist at TD Securities, stated: "Platinum supply is tightening significantly, pushing market dislocations to extremes and raising concerns about a repeat of the 'silver short squeeze' scenario."
Today's key external market data showed: the US dollar index strengthened slightly; crude oil futures prices rose sharply, trading around US$61.75 per barrel; the benchmark 10-year US Treasury bond yield is currently around 4.0%.
Friday will see the release of the first major US government economic data in three weeks: the September Consumer Price Index (CPI) report. Market expectations are for a 3.1% year-over-year increase in the September CPI, compared to a 2.9% increase in the August report. The core CPI, which excludes food and energy prices, is also expected to rise 3.1% year-over-year, unchanged from August's core CPI reading.
Gold Technical Analysis
(Comex Gold Daily Chart Source: Yihuitong)
From a technical perspective, December gold futures bulls have the overall near-term advantage. Bulls' next upside price objective is closing prices above key resistance at $4,250.00. Bears' next near-term downside price objective is pushing prices below key technical support at $4,000.00. First resistance is seen at Wednesday's high of $4,175.00, while further resistance is seen at $4,200.00. First support is seen at $4,100.00, while further support is seen at the overnight low of $4,079.60.
Silver Technical Analysis
Silver market bulls also have the upper hand in the overall near-term technical picture, but strong resistance remains above the market. Silver bulls' next upside price objective is pushing prices above key technical resistance at $50.00. Bears' next downside price objective is pushing prices below key support at $45.00. First resistance is seen at today's high of $49.225, with further resistance at $50.00. First support is seen at $48.00, with further support at the overnight low of $47.64. Silver futures rose $40.80 to $3,815.90, with December silver futures rising $0.361 to $44.575.
Note: The gold market operates primarily through two pricing mechanisms: the spot market, where prices are quoted for immediate purchase and delivery; and the futures market, where prices are quoted for delivery at a specific future date. Due to year-end position adjustments and market liquidity, the most actively traded gold contract on the Chicago Mercantile Exchange (CME) is currently December delivery gold futures.
- Risk Warning and Disclaimer
- The market involves risk, and trading may not be suitable for all investors. This article is for reference only and does not constitute personal investment advice, nor does it take into account certain users’ specific investment objectives, financial situation, or other needs. Any investment decisions made based on this information are at your own risk.
