(Kitco News) - Gold and silver prices are higher in midday U.S. trading Wednesday, as traders digested another busy day of U.S. economic data releases. U.S. trading action is likely to taper off today, as traders hit the exit doors early to get a jump on the U.S. Thanksgiving holiday Thursday. U.S. markets are closed Thursday. December gold was last up $25.10 at $4,165.40. December silver prices were up $1.75 at $52.705.
Another heavy slate of U.S. economic data was out today and saw a mixed bag. Highlight include:
Initial U.S. jobless claims in the US fell by 6,000 from the previous week to 216,000 on the period ending November 22nd, a third consecutive drop to tie the lowest level since February, and below market expectations of an increase to 225,000.
The Chicago Business Barometer fell to 36.3 in November 2025 from 43.8 in the prior month and against market estimates of 44.3. This was the 24th consecutive month with readings below the neutral 50 threshold, signaling a solid contraction in Chicago’s economic activity and the sharpest since May 2024. The sub-indexes of new orders, production and employment all declined. Meanwhile, supplier deliveries went up.
New orders for US-manufactured durable goods rose 0.5% month-over-month in September 2025, following an upwardly revised 3.0% increase in August and exceeding market expectations of 0.3%.
Importantly, none of Tuesday’s or today’s U.S. data significantly moved the needle on marketplace thinking on Federal Reserve policy. Traders and investors are once again betting that the Fed will cut U.S. interest rates again when policymakers meet next month (Dec. 9-10), with markets pricing signaling roughly 80% certainty of a quarter-point rate hike. “The shift in rate sentiment started after last week’s delayed September jobs data and was reinforced by comments from New York Fed President John Williams and San Francisco Fed President Mary Daly. Fed Chair Jerome Powell and his allies are ‘on board with a cut,’ despite pushback from other officials who are more concerned about inflation, and recent soft economic data is expected to convince the rest of the committee,” reported Bloomberg.
White House National Economic Council Director Kevin Hassett is seen as the frontrunner to be the next Federal Reserve chair, according to people familiar with the matter and as reported by Bloomberg. “Hassett is seen as someone who would bring President Donald Trump's approach to interest-rate cutting to the Fed, which Trump has long wanted to control. Trump is known to make surprise personnel and policy decisions, and a nomination is not final until it's made public, according to people familiar with the matter,” said the Bloomberg report. This news is also bullish for the precious metals markets.
The key outside markets today see the U.S. dollar index a bit weaker. Crude oil prices are slightly up and trading around $58.25 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently around 4.01%.
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 the November high of $4,250.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $4,000.00. First resistance is seen at $4,175.00 and then at $4,200.00. First support is seen at the overnight low of $4,127.50 and then at $4,100.00. Wyckoff's Market Rating: 6.5.
December silver futures bulls have the solid overall near-term technical advantage. Their next upside price objective is closing prices above solid technical resistance at the record high of $54.415. The next downside price objective for the bears is closing prices below solid support at $47.00. First resistance is seen at $53.00 and then at $53.50. Next support is seen at the overnight low of $50.96 and then at $50.00. Wyckoff's Market Rating: 8.0.
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