Precious Metals Prices

Precious metal prices increased 0.7% month on month in November, following October’s 11.4% rise.

The average price of precious metals inched up again in November, marking the 11th consecutive increase. That said, prices rose at the softest pace among all commodity groups. Silver prices increased the most out of the four precious metals, aided by still-tight supply and strong demand bolstered by lingering geopolitical uncertainty. Gold prices were up by a smaller amount and hovered close to all-time highs. In contrast, platinum and palladium prices declined on average in November, despite a demand boost late in the month from the launch of a futures contract in China. Shifting expectations of a December Fed rate cut influenced all four metals, leading to price lulls mid-month before upticks late in the month due to markets’ renewed optimism that the Bank would ease its stance.