Market Highlights and Key Data Macro Outlook During the week of November 14, 2025, precious metals continued their sideways movement. The Fed remains divided on interest rate policy: Dallas Fed President Lorie Logan reiterated her opposition to a December rate cut, having previously opposed an October cut due to concerns over stubbornly high inflation. Several other Fed officials also signaled a hawkish stance. In contrast, Fed Governor Michelle Bowman argued that recent economic data supports easing, citing weakening labor market indicators. The likelihood of a December rate cut remains uncertain.

Meanwhile, the U.S. government shutdown has concluded. The Bureau of Labor Statistics announced it will release the delayed September jobs report next Thursday. Originally scheduled for October 3, the report was postponed due to the 43-day shutdown. Its release may provide clarity on the Fed’s future rate-cut trajectory.

Fundamentals Shanghai Futures Exchange (SHFE) gold warehouse receipts stood at 90,426 kg, up 810 kg from the prior week, while silver receipts fell by 46,158 kg to 576,894 kg. COMEX gold inventories dropped by 346,900.35 oz to 37,382,555.09 oz, and silver inventories declined by 4,445,717.47 oz to 475,670,225.02 oz.

In ETFs, SPDR Gold Trust holdings were 1,048.93 metric tons, and iShares Silver Trust holdings totaled 15,218 metric tons as of November 14. CFTC data showed gold speculative net longs at 158,616 contracts and silver net longs at 40,065 contracts as of September 23, 2025.

The CSI 300 Index fell 1.08% weekly, while the electronics sector (linked to precious metals) dropped 5.27%. The solar sector gained 1.79%. The solar price index held steady at 13.72 as of November 3, with the solar manager index rising 8.16 to 137.86.

Strategy Gold: Cautiously Bullish Gold prices remain range-bound, with short-term focus on delayed U.S. data and the Fed’s December decision. However, gold’s long-term appeal as a dollar alternative persists, supporting a mildly bullish outlook.

Silver: Cautiously Bullish Silver hit record highs, with gold/silver ratio correction potential. Given silver’s volatility, dip-buying for hedging is advised, but strict position and risk management are critical.

Spread: Short Gold/Silver Ratio on Strength Options: Pause

Risks Overseas liquidity shocks

Disclaimer: This report is based on publicly available information deemed reliable but not guaranteed for accuracy or completeness. Views are subject to change without notice. Investors should exercise independent judgment.

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