Gold and silver futures prices fell as downside risks eased.
2025-11-07 00:09:10
Gold and silver futures prices fell in early U.S. trading on Thursday (November 6). December gold futures were last quoted at $3,991.7 per ounce, down $1.2; December silver futures were quoted at $47.750 per ounce, down $0.272.
The continued US government shutdown has somewhat mitigated downside risks for gold. This political deadlock has fueled investor concerns about potential economic consequences, negatively impacting gold prices after several days of strong gains.
Global stock markets were mixed overnight. U.S. stock indices are expected to open slightly higher in the New York trading session.
Important news overnight
The U.S. Supreme Court is skeptical of Trump's tariff proposals. On Wednesday, the Supreme Court held hearings on Trump's tariff policies, with the justices raising numerous questions and hinting at potential intervention.
Businesses and countries affected by tariffs and seeking solutions will face months of uncertainty. Regardless of whether the Supreme Court rules that Trump's invocation of the 1977 International Emergency Economic Powers Act to impose tariffs on dozens of countries is illegal, the fact remains that President Trump favors tariff policies.
Trade lawyers and experts say he could still fill the gaps with other laws if needed, even if none of them offer the immediacy that Trump values. "This means that major geopolitical negotiations between the U.S. and China, the EU, and other trading partners, as well as the day-to-day operations of thousands of companies paying tariffs or trying to circumvent them, will be shrouded in uncertainty."
Betting markets on Wednesday night showed a decline in Trump's chances of winning, and shares of major U.S. retail brands rose as the market hoped for a reduction in the import tariffs he imposed this year. "After a two-and-a-half-hour hearing on Wednesday, in which the key conservative justice challenged the administration's defense, the Trump administration remained optimistic."
Trump said he was told the trial was “going well” and warned that if he failed to impose tariffs on goods from trading partners, “the whole world will be in a recession.” Bloomberg reported that Trump said, “This is one of the most important cases in our country’s history, maybe the most important one.”
Flights at high-traffic U.S. airports will be reduced by 10%. Due to the U.S. government shutdown, to alleviate pressure on air traffic controllers and the aviation system, the U.S. Department of Transportation and the Federal Aviation Administration will cut flight capacity by 10% in 40 high-traffic markets. The cuts will be phased in, with U.S. airlines required to reduce flights by 4% on Friday, 5% on Saturday, and reach the 10% reduction sometime next week. International flights will not be affected.
Transportation Secretary Sean Duffy stated that cutting flights is a necessary measure to maintain air travel safety, adding that "the data will determine our actions," and that further restrictions may be implemented if the data trend is unfavorable. This news may put more pressure on U.S. lawmakers to push the federal government to resume operations.
Saudi Arabia cut crude oil prices to an 11-month low. This comes days after the Organization of the Petroleum Exporting Countries (OPEC+) and its partners hinted at a cautious approach, pausing production increases early next year. Saudi Arabia lowered the price of its main crude oil grades sold to Asia in December to the lowest level in 11 months.
Saudi Aramco cut the price of its flagship Arab Light crude by $1.20 per barrel, a $1 premium over the regional benchmark. This followed a survey of refiners and traders that had anticipated a $1.25 per barrel cut. Bloomberg reported that Saudi Arabia and other key OPEC+ members said on Sunday they would pause production increases in the first quarter after a slight increase in December, seeking a balance between competing for market share and addressing signs of potential oversupply. This pause comes at a time of seasonally weak demand, while the market is closely watching the impact of US sanctions on two major Russian oil producers on supply.
U.S. layoffs in October hit a 22-year high, primarily driven by artificial intelligence. According to data from layoff consulting firms Challenger, Gray & Christmas, as AI reshapes industries and companies accelerate cost-cutting, the number of layoffs announced by U.S. companies in October reached a 20-year high for the same period. Last month, U.S. companies announced 153,074 job cuts, nearly three times the number announced in the same period last year, mainly concentrated in the technology and warehousing industries.
The company's Chief Revenue Officer, Andy Challenger, stated that this is the highest number of layoffs in October since 2003, when the advent of mobile phones brought about a similar industry transformation. Challenger stated in the report, "While some industries are adjusting after the hiring boom during the pandemic, the adoption of artificial intelligence, slowing consumer and business spending, and rising costs are driving companies to tighten spending and freeze hiring. Layoff employees are currently finding it more difficult to find new jobs quickly, which could further loosen the labor market."
So far this year, the number of layoffs in the United States has exceeded one million, the highest level since the pandemic began. During the same period, the number of hiring plans announced by U.S. employers is the lowest since 2011. Seasonal hiring plans as of October are the lowest since the company began tracking related data in 2012.
Key external market developments today: The US dollar index weakened, while crude oil prices strengthened, trading around $60.00 per barrel. The benchmark 10-year US Treasury yield is currently at 4.14%.
Technical Analysis
(COMEX Gold Daily Chart Source: FX678)
The next upside target for December gold futures bulls is a close above the strong resistance level of $4,100.00. The near-term downside target for bears is to push futures prices below the solid technical support level of $3,800.00. First resistance is at $4,059.90, followed by $4,100.00; first support is at the overnight low of $3,973.20, followed by the week's low of $3,935.70.
The next upside target for December silver futures bulls is a close above the strong technical resistance level of $50.00. The next downside target for bears is a close below the solid support level of $45.00. The first resistance level is at $49.00, followed by $49.225; the next support level is at the overnight low of $47.61, followed by $47.00.
The continued US government shutdown has somewhat mitigated downside risks for gold. This political deadlock has fueled investor concerns about potential economic consequences, negatively impacting gold prices after several days of strong gains.
Global stock markets were mixed overnight. U.S. stock indices are expected to open slightly higher in the New York trading session.
Important news overnight
The U.S. Supreme Court is skeptical of Trump's tariff proposals. On Wednesday, the Supreme Court held hearings on Trump's tariff policies, with the justices raising numerous questions and hinting at potential intervention.
Businesses and countries affected by tariffs and seeking solutions will face months of uncertainty. Regardless of whether the Supreme Court rules that Trump's invocation of the 1977 International Emergency Economic Powers Act to impose tariffs on dozens of countries is illegal, the fact remains that President Trump favors tariff policies.
Trade lawyers and experts say he could still fill the gaps with other laws if needed, even if none of them offer the immediacy that Trump values. "This means that major geopolitical negotiations between the U.S. and China, the EU, and other trading partners, as well as the day-to-day operations of thousands of companies paying tariffs or trying to circumvent them, will be shrouded in uncertainty."
Betting markets on Wednesday night showed a decline in Trump's chances of winning, and shares of major U.S. retail brands rose as the market hoped for a reduction in the import tariffs he imposed this year. "After a two-and-a-half-hour hearing on Wednesday, in which the key conservative justice challenged the administration's defense, the Trump administration remained optimistic."
Trump said he was told the trial was “going well” and warned that if he failed to impose tariffs on goods from trading partners, “the whole world will be in a recession.” Bloomberg reported that Trump said, “This is one of the most important cases in our country’s history, maybe the most important one.”
Flights at high-traffic U.S. airports will be reduced by 10%. Due to the U.S. government shutdown, to alleviate pressure on air traffic controllers and the aviation system, the U.S. Department of Transportation and the Federal Aviation Administration will cut flight capacity by 10% in 40 high-traffic markets. The cuts will be phased in, with U.S. airlines required to reduce flights by 4% on Friday, 5% on Saturday, and reach the 10% reduction sometime next week. International flights will not be affected.
Transportation Secretary Sean Duffy stated that cutting flights is a necessary measure to maintain air travel safety, adding that "the data will determine our actions," and that further restrictions may be implemented if the data trend is unfavorable. This news may put more pressure on U.S. lawmakers to push the federal government to resume operations.
Saudi Arabia cut crude oil prices to an 11-month low. This comes days after the Organization of the Petroleum Exporting Countries (OPEC+) and its partners hinted at a cautious approach, pausing production increases early next year. Saudi Arabia lowered the price of its main crude oil grades sold to Asia in December to the lowest level in 11 months.
Saudi Aramco cut the price of its flagship Arab Light crude by $1.20 per barrel, a $1 premium over the regional benchmark. This followed a survey of refiners and traders that had anticipated a $1.25 per barrel cut. Bloomberg reported that Saudi Arabia and other key OPEC+ members said on Sunday they would pause production increases in the first quarter after a slight increase in December, seeking a balance between competing for market share and addressing signs of potential oversupply. This pause comes at a time of seasonally weak demand, while the market is closely watching the impact of US sanctions on two major Russian oil producers on supply.
U.S. layoffs in October hit a 22-year high, primarily driven by artificial intelligence. According to data from layoff consulting firms Challenger, Gray & Christmas, as AI reshapes industries and companies accelerate cost-cutting, the number of layoffs announced by U.S. companies in October reached a 20-year high for the same period. Last month, U.S. companies announced 153,074 job cuts, nearly three times the number announced in the same period last year, mainly concentrated in the technology and warehousing industries.
The company's Chief Revenue Officer, Andy Challenger, stated that this is the highest number of layoffs in October since 2003, when the advent of mobile phones brought about a similar industry transformation. Challenger stated in the report, "While some industries are adjusting after the hiring boom during the pandemic, the adoption of artificial intelligence, slowing consumer and business spending, and rising costs are driving companies to tighten spending and freeze hiring. Layoff employees are currently finding it more difficult to find new jobs quickly, which could further loosen the labor market."
So far this year, the number of layoffs in the United States has exceeded one million, the highest level since the pandemic began. During the same period, the number of hiring plans announced by U.S. employers is the lowest since 2011. Seasonal hiring plans as of October are the lowest since the company began tracking related data in 2012.
Key external market developments today: The US dollar index weakened, while crude oil prices strengthened, trading around $60.00 per barrel. The benchmark 10-year US Treasury yield is currently at 4.14%.
Technical Analysis
(COMEX Gold Daily Chart Source: FX678)
The next upside target for December gold futures bulls is a close above the strong resistance level of $4,100.00. The near-term downside target for bears is to push futures prices below the solid technical support level of $3,800.00. First resistance is at $4,059.90, followed by $4,100.00; first support is at the overnight low of $3,973.20, followed by the week's low of $3,935.70.
The next upside target for December silver futures bulls is a close above the strong technical resistance level of $50.00. The next downside target for bears is a close below the solid support level of $45.00. The first resistance level is at $49.00, followed by $49.225; the next support level is at the overnight low of $47.61, followed by $47.00.
- 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.
