(Kitco News) - Gold and silver prices are not straying too far from unchanged levels on this last trading day of the month. Chart consolidation is featured in quieter dealings, following the recent higher price volatility and amid a quieter news day. December gold was last up $5.00 at $4,021.40. December silver prices were down $0.026 at $48.595.
Global stock markets were mixed to firmer overnight. U.S. stock indexes are pointed to solidly higher when the New York day session begins.
In overnight news, Chinese President Xi Jinping today warned against “breaking supply chains,” in his first public remarks after a landmark meeting with President Trump that secured a one-year truce in the world’s biggest trade fight. Countries should “jointly maintain stable and smooth industrial and supply chains,” Xi said during a speech Friday at the leaders’ summit of the Asia-Pacific Economic Cooperation group in Gyeongju, South Korea. “We must adhere to the principle of joining hands rather than letting go, and extending rather than breaking supply chains,” the Chinese leader said, while calling on those gathered to practice “genuine multilateralism.” Bloomberg today reported, “Adding to that flurry of diplomacy, defense chiefs from the world’s largest economies held their first in-person talks Friday morning, in another sign of stabilizing ties. U.S. Secretary of Defense Pete Hegseth sat down with Chinese Defense Minister Dong Jun at a gathering in Kuala Lumpur.”
Weak China manufacturing data. China’s factory activity slumped for the longest streak in more than nine years, prompting fresh calls for greater government stimulus measures. The official manufacturing purchasing managers’ index fell to 49 in October, suggesting activity dropped the most in six months, with new orders shrinking the most since 2023. A reading below 50 suggests contraction in the sector.
Trump tells GOP to use filibuster to reopen U.S. government. President Trump late Thursday called on U.S. Senate Republicans to vote to get rid of the filibuster in the upper chamber, amid a U.S. government shutdown that has lasted nearly a month. “BECAUSE OF THE FACT THAT THE DEMOCRATS HAVE GONE STONE COLD “CRAZY,” THE CHOICE IS CLEAR — INITIATE THE “NUCLEAR OPTION,” GET RID OF THE FILIBUSTER AND, MAKE AMERICA GREAT AGAIN,” Trump wrote on social media late Thursday night. Because of the filibuster rule in the U.S. Senate, most legislation needs 60 votes to pass. While a majority of lawmakers could revise those rules, both parties have largely resisted doing so to preserve their ability to shape legislation when outside of the majority. During the recent funding showdown, Democrats have refused to support a Republican bill offering stopgap funding unless the GOP agrees to extend healthcare subsidies. Bloomberg.
The key outside markets today see the U.S. dollar index near steady. Crude oil prices are weaker and trading around $60.25 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently 4.10%.
Note: The gold market operates through two primary pricing mechanisms. The first is the spot market, which quotes prices for on-the-spot purchase and immediate delivery. The second is the futures market, which sets prices for delivery at a future date. Due to year-end positioning market liquidity, the December gold futures contract is currently the most actively traded on the CME.
Technically, December gold futures bulls’ next upside price objective is to produce a close above solid resistance at $4,100.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $3,800.00. First resistance is seen at the overnight high of $4,059.90 and then at $4,100.00. First support is seen at $4,000.00 and then at $3,950.00. Wyckoff's Market Rating: 6.0.
December silver futures bulls' next upside price objective is closing prices above solid technical resistance at $50.00. The next downside price objective for the bears is closing prices below solid support at $45.00. First resistance is seen at $49.00 and then at $49.225. Next support is seen at $48.00 and then at $47.50. Wyckoff's Market Rating: 6.0.
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