(Kitco News) - Gold and silver prices are sharply up in early U.S. trading Monday. Gold hit another record high, while silver notched a fresh 14-year high. Ideas of lower global interest rates that produce better consumer and commercial demand, bullish technical charts, and continued safe-haven demand amid geopolitical storm clouds continue to push the precious metals prices north. December gold was last up $49.70 at $3,755.80. December silver prices were up $0.933 at $43.89.
Global stocks were mixed overnight. U.S. stock indexes are pointed to weaker openings when the New York day session begins.
Reports said gold flows into exchange-traded funds have hit a three-year high. Traders and investors are also betting the Federal Reserve's interest-rate-cutting cycle will extend. Gold and silver have been among the year's best performing commodities markets.
In overnight news, a group of U.S. congress members traveled to China over the weekend and called for better military communication between the U.S. and China in a meeting with Chinese Defense Minister Dong Jun. The two countries are seeking to steady relations ahead of a potential summit meeting between their leaders. U.S. Representative Adam Smith said today the bipartisan delegation wants to have “open lines of communication” about the countries’ shared interest in peace and security. In his opening remarks, Dong expressed hopes that the visit will help the U.S. understand China and its military more. The lawmakers, including Representatives Michael Baumgartner, Ro Khanna and Chrissy Houlahan, on Sunday met with Premier Li Qiang, who called their visit an “ice-breaking trip.” It marks the first official visit by U.S. House representatives in six years, signaling a diplomatic thaw. They were joined by Ambassador David Perdue.
The People’s Bank of China kept its key lending rates unchanged at record lows for the fourth straight month in September 2025, in line with market forecasts, according to TradingEconomics.com. The move came amid signs of easing China-U.S. trade tensions, but against a backdrop of weakening domestic momentum and fresh U.S. monetary policy easing. The one-year loan prime rate was kept at 3.0%, while the five-year benchmark, which guides mortgage costs, remained at 3.5%.
President Trump on Saturday renewed his call for European countries to stop buying crude oil from Russia to halt the war in Ukraine. Trump has chided Europe repeatedly for its Russian energy purchases, despite most European nations ending direct purchases of Russian oil after Moscow’s 2022 invasion of Ukraine, reported Bloomberg. Trump suggested that U.S. ambassador to NATO Matt Whitaker increase pressure on Europe, saying “they have to stop buying oil from Russia” to squeeze oil prices and potentially stop the war.” With no end in sight for the war in Ukraine, Trump reiterated his frustration with the Russian leader, saying he’s “very disappointed in President Putin.”
The key outside markets today see the U.S. dollar index higher, while crude oil prices are slightly down and trading around $63.25 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently 4.13%.
U.S. economic data due for release today is light and includes the Chicago Fed national activity index.
Technically, December gold futures bulls have the strong overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at $3,800.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $3,600.00. First resistance is seen the overnight high of $3,763.10 and then at $3,775.00. First support is seen at the overnight low of $3,718.10 and then at $3,700.00. Wyckoff's Market Rating: 9.0
December silver futures bulls have the strong overall near-term technical advantage. Silver bulls' next upside price objective is closing prices above solid technical resistance at $45.00. The next downside price objective for the bears is closing prices below solid support at $41.00. First resistance is seen at the overnight high of $44.115 and then at $44.50. Next support is seen at the overnight low of $43.37 and then at $43.00. Wyckoff's Market Rating: 9.0
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