(Kitco News) - Gold and silver prices are posting gains in midday U.S. trading, and hit record highs earlier today. Gold did back well down from its daily high following a stronger U.S. GDP report. Safe-haven bidding is featured this holiday-shortened trading week, amid heightened geopolitical tensions—namely U.S.-Venezuela tensions. February gold was last up $16.10 at $4,485.10. March silver prices were up $1.635 at $70.215.
Gold prices overnight climbed to a fresh record high of $4,530.80 an ounce, basis February Comex futures. March Comex silver futures also hit a record high of $70.155 an ounce overnight. Gold marked its 50th record-breaking session this year. So far this year, gold has soared 70%, on track for its strongest annual gain since 1979. Silver is up over 130% this year.
U.S. gross domestic product grew at an annualized 4.3% in the third quarter--the most in two years and compares to up 3.8% in the second quarter and forecasts of up 3.3%, the delayed estimate showed. The growth mainly reflected increases in consumer spending, exports, and government spending. Consumer spending rose 3.5%, the most so far this year (vs 2.5% in Q2), led by both goods (3.1% vs 2.2%) and services (3.7% vs 2.6%). This report falls into the camp of the monetary policy hawks, who do not want to see any more U.S. rate cuts.
However, today’s report on U.S. new orders for durable goods was downbeat, falling by 2.2% in October from the previous month to $307.4 billion in October of 2025, more than erasing the upwardly revised 0.7% increase from September. The fall was more than market expectations for down 1.5%.
President Trump warned Venezuelan President Nicolas Maduro not to challenge the United States and vowed to keep oil seized from a supertanker. Trump declined to say if he’s seeking to oust Maduro, saying, "That's up to him" when asked if he would try to push Maduro out. The U.S. has stepped up its blockade of tankers going to and from Venezuela, boarding a non-sanctioned ship and pursuing another oil tanker off the coast of Venezuela. More than a dozen tankers have loaded oil off Venezuela’s coast since the Trump administration intensified efforts to curb Caracas’ crude revenue by targeting sanctioned vessels, Bloomberg reported. Since Dec. 11, roughly 14 vessels have loaded and at least six of them were under sanctions, according to data from maritime intelligence firm Kpler. The majority of the loadings took place at the ports of Bajo Grande and Puerto Jose, said Bloomberg.
The key outside markets today see the U.S. dollar index lower. Crude oil prices are slightly down and trading around $57.75 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently around 4.15%.
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, February gold futures bulls’ next upside price objective is to produce a close above solid resistance at $4,600.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $4,300.00. First resistance is seen at the overnight record high of $4,530.80 and then at $4,550.00. First support is seen at today’s low of $4,457.70 and then at $4,400.00. Wyckoff's Market Rating: 9.0.
March silver futures bulls’ next upside price objective is closing prices above solid technical resistance at $75.00. The next downside price objective for the bears is closing prices below solid support at $65.00. First resistance is seen at today’s record high of $70.795 and then at $71.00. Next support is seen at today’s low of $68.725 and then at this week’s low of $67.47. Wyckoff's Market Rating: 9.5.
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