December 1, 2025 – Gold prices climbed to a six-week high on Monday as a softer U.S. dollar and early risk-off sentiment drove investors toward safe-haven assets. Silver also surged to an all-time peak amid the market dynamics.

Gold and Silver Movements:

• Spot gold rose 0.2% to $4,240.54 per ounce, marking its highest level since October 21.
• U.S. gold futures for December delivery gained 0.5%, reaching $4,276.00 per ounce.
• Silver jumped 2% to $57.48 per ounce, earlier touching an all-time high of $57.86.

The U.S. dollar fell to a two-week low, making bullion cheaper for holders of other currencies.

OANDA senior market analyst Kelvin Wong said, "There's a risk-off session in S&P futures, which are down 0.8% in line with a sell-off in major cryptocurrencies. So that has also created a bit of positive feedback loop into gold as a safe-haven asset play in today's much more thinly traded session."

Market Context:
U.S. stock futures traded lower in Asian markets, while cryptocurrencies saw notable declines—Bitcoin fell 3.6% to $87,881.82 and Ether dropped 5% to $2,871.59.

Dovish comments from Federal Reserve officials, along with softer U.S. economic data, have strengthened expectations of a Fed rate cut later this month. The CME’s FedWatch tool shows an 87% probability of a December reduction in interest rates. White House economic adviser Kevin Hassett, a potential Fed Chair nominee, has also signaled support for lower rates, aligning with expectations for more accommodative policy.

Lower borrowing costs typically boost demand for non-yielding assets such as gold.

Wong noted that silver’s record surge was partly driven by thin market liquidity following last week’s CME outage, rather than fundamental factors.

Other Precious Metals:

• Platinum rose 1.3% to $1,694.70 per ounce.
• Palladium gained 2.1% to $1,482.45 per ounce.

Investors now await U.S. core Personal Consumption Expenditures (PCE) figures on Friday for additional guidance on the Fed’s policy path.