Gold prices hit a six-week high, silver prices reached a record high, and the bullish momentum is unstoppable.
2025-12-02 00:46:42
Gold and silver prices rose in early U.S. trading on Monday (December 1), with gold hitting a six-week high and silver reaching a record high. At the start of the new trading week and month, safe-haven buying became the dominant force in the market, influenced by panic triggered by the Japanese bond market. Simultaneously, technical buying also supported prices as the recent short-term technical patterns of both metals increasingly favored a bullish bias. February gold futures rose $11.90 to $4266.80 per ounce, while March silver futures rose $1.822 to $58.985 per ounce.
Global stock markets mostly declined overnight. Concerns about the Japanese bond market led to nervousness among traders and investors this week and earlier this month.
In other news, President Trump announced on Sunday that he has selected his nominee for the next Federal Reserve Chairman and expects his nominee to pursue interest rate cuts. According to sources, Trump's chief economic advisor, Kevin Hassett, is considered a leading candidate to succeed current Fed Chairman Jerome Powell. Trump's nominee must be confirmed by the U.S. Senate to assume the chairmanship; if the nominee is an outsider, he may also receive a 14-year term as a Fed governor, beginning in February 2026. Powell's term ends in May 2026.
U.S. and Ukrainian negotiators held productive discussions on a peace agreement framework in Florida over the weekend, but failed to achieve a final breakthrough. The two sides consulted on potential ceasefire parameters and the current status of the Russian-occupied Zaporizhia nuclear power plant. The report stated, "Next steps will be determined in subsequent meetings, depending on the outcome of U.S. Special Envoy Steve Vitkov's talks in Moscow and Russian President Putin's response to relevant proposals." U.S. Secretary of State Rubio told reporters after at least four hours of talks in Florida with a Ukrainian delegation led by National Security and Defense Council Secretary Umerov, "There is more work to be done; this is a sensitive and complex matter." Trump stated on Air Force One on Sunday, "I think Russia wants the conflict to end, and I know Ukraine wants the conflict to end. Ukraine has some thorny little issues." He added that he had communicated with Rubio and Vitkov after the Florida talks. Trump noted, "There is corruption in Ukraine, which is bad for this, but I think there is a high probability of reaching an agreement."
The US holiday shopping season got off to a good start—according to Mastercard Consumer Pulse data and related reports, US sales on Black Friday (the day after Thanksgiving) increased year-over-year, with retail sales excluding automobiles rising 4.1%. Data shows that despite pressures such as rising costs and concerns about the job market, US consumers have demonstrated strong spending resilience, with retailers offering discounts on various items to attract price-sensitive consumers. Bloomberg reported, "Despite macroeconomic volatility, consumers appear to still have purchasing power, maintaining stable spending levels ahead of Black Friday, but the outlook for the remainder of the shopping season remains uncertain."
Given the growing signs of a global oil market glut, the Organization of the Petroleum Exporting Countries (OPEC+) will stick to its plan to suspend collective increases in crude oil production in the first quarter of 2026. The report states, "Major members, led by Saudi Arabia, confirmed this three-month supply suspension plan in a video conference on Sunday—a plan initially announced in early November after several rounds of meetings within the alliance. The organization reiterated in a statement that this decision reflects its expectation of seasonal market weakness. OPEC+ members also agreed to maintain the alliance's overall quotas for next year and approved a mechanism for the upcoming assessment of individual member oil production capacity, which is expected to inform the setting of production quotas for 2027. While the suspension of production increases indicates a degree of caution within OPEC+ after the rapid resumption of oil production earlier this year, it will still lead to a significant global supply glut in early 2026, which could further pressure oil prices. Crude oil futures prices have already fallen by about 15% this year. The International Energy Agency in Paris predicts a record supply glut in 2026, while Goldman Sachs and JPMorgan Chase believe crude oil futures prices will continue to decline."
New data released on Sunday showed that China’s manufacturing activity improved in November, but remained in contraction territory.
Key external market developments today: The US dollar index fell; crude oil prices strengthened, trading around $59.25 per barrel; the benchmark 10-year US Treasury yield is currently at 4.04%.
Technical Analysis
(COMEX Gold Daily Chart Source: FX678)
The next upside price target for February gold futures bulls is a close above the key resistance level of $4433.00/oz (contract/historical high). The short-term downside price target for bears is to push futures prices below the key technical support level of $4000.00/oz. Initial resistance is seen at $4300.00/oz, with further resistance at $4350.00/oz; initial support is at the overnight low of $4241.10/oz, with subsequent support at $4200.00/oz.
March silver futures bulls hold a clear short-term technical advantage. Their next upside target is a closing price break above the key technical resistance level of $60.00/oz. The next downside target for bears is a closing price break below the key support level of $52.50/oz. Initial resistance is at the historical high of $58.61/oz, with further resistance at $59.00/oz; initial support is at the overnight low of $56.85/oz, with subsequent support at $56.00/oz.
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, which determines prices for future delivery. Due to year-end position adjustments and market liquidity, the most actively traded gold futures contract on the Chicago Mercantile Exchange (CME) is currently the December contract.
Global stock markets mostly declined overnight. Concerns about the Japanese bond market led to nervousness among traders and investors this week and earlier this month.
In other news, President Trump announced on Sunday that he has selected his nominee for the next Federal Reserve Chairman and expects his nominee to pursue interest rate cuts. According to sources, Trump's chief economic advisor, Kevin Hassett, is considered a leading candidate to succeed current Fed Chairman Jerome Powell. Trump's nominee must be confirmed by the U.S. Senate to assume the chairmanship; if the nominee is an outsider, he may also receive a 14-year term as a Fed governor, beginning in February 2026. Powell's term ends in May 2026.
U.S. and Ukrainian negotiators held productive discussions on a peace agreement framework in Florida over the weekend, but failed to achieve a final breakthrough. The two sides consulted on potential ceasefire parameters and the current status of the Russian-occupied Zaporizhia nuclear power plant. The report stated, "Next steps will be determined in subsequent meetings, depending on the outcome of U.S. Special Envoy Steve Vitkov's talks in Moscow and Russian President Putin's response to relevant proposals." U.S. Secretary of State Rubio told reporters after at least four hours of talks in Florida with a Ukrainian delegation led by National Security and Defense Council Secretary Umerov, "There is more work to be done; this is a sensitive and complex matter." Trump stated on Air Force One on Sunday, "I think Russia wants the conflict to end, and I know Ukraine wants the conflict to end. Ukraine has some thorny little issues." He added that he had communicated with Rubio and Vitkov after the Florida talks. Trump noted, "There is corruption in Ukraine, which is bad for this, but I think there is a high probability of reaching an agreement."
The US holiday shopping season got off to a good start—according to Mastercard Consumer Pulse data and related reports, US sales on Black Friday (the day after Thanksgiving) increased year-over-year, with retail sales excluding automobiles rising 4.1%. Data shows that despite pressures such as rising costs and concerns about the job market, US consumers have demonstrated strong spending resilience, with retailers offering discounts on various items to attract price-sensitive consumers. Bloomberg reported, "Despite macroeconomic volatility, consumers appear to still have purchasing power, maintaining stable spending levels ahead of Black Friday, but the outlook for the remainder of the shopping season remains uncertain."
Given the growing signs of a global oil market glut, the Organization of the Petroleum Exporting Countries (OPEC+) will stick to its plan to suspend collective increases in crude oil production in the first quarter of 2026. The report states, "Major members, led by Saudi Arabia, confirmed this three-month supply suspension plan in a video conference on Sunday—a plan initially announced in early November after several rounds of meetings within the alliance. The organization reiterated in a statement that this decision reflects its expectation of seasonal market weakness. OPEC+ members also agreed to maintain the alliance's overall quotas for next year and approved a mechanism for the upcoming assessment of individual member oil production capacity, which is expected to inform the setting of production quotas for 2027. While the suspension of production increases indicates a degree of caution within OPEC+ after the rapid resumption of oil production earlier this year, it will still lead to a significant global supply glut in early 2026, which could further pressure oil prices. Crude oil futures prices have already fallen by about 15% this year. The International Energy Agency in Paris predicts a record supply glut in 2026, while Goldman Sachs and JPMorgan Chase believe crude oil futures prices will continue to decline."
New data released on Sunday showed that China’s manufacturing activity improved in November, but remained in contraction territory.
Key external market developments today: The US dollar index fell; crude oil prices strengthened, trading around $59.25 per barrel; the benchmark 10-year US Treasury yield is currently at 4.04%.
Technical Analysis
(COMEX Gold Daily Chart Source: FX678)
The next upside price target for February gold futures bulls is a close above the key resistance level of $4433.00/oz (contract/historical high). The short-term downside price target for bears is to push futures prices below the key technical support level of $4000.00/oz. Initial resistance is seen at $4300.00/oz, with further resistance at $4350.00/oz; initial support is at the overnight low of $4241.10/oz, with subsequent support at $4200.00/oz.
March silver futures bulls hold a clear short-term technical advantage. Their next upside target is a closing price break above the key technical resistance level of $60.00/oz. The next downside target for bears is a closing price break below the key support level of $52.50/oz. Initial resistance is at the historical high of $58.61/oz, with further resistance at $59.00/oz; initial support is at the overnight low of $56.85/oz, with subsequent support at $56.00/oz.
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, which determines prices for future delivery. Due to year-end position adjustments and market liquidity, the most actively traded gold futures contract on the Chicago Mercantile Exchange (CME) is currently the December contract.
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- 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.
