Gold prices stabilised on Thursday as markets awaited key U.S. inflation figures, with silver holding near record highs amid sustained industrial and investment demand.
Spot gold was marginally lower at $4 333.12 per ounce, supported by expectations of continued Federal Reserve rate cuts but capped by a firmer U.S. dollar. Silver eased slightly to $66.36 per ounce after reaching an all-time peak of $66.88 in the previous session, marking a year-to-date gain of over 120%.
The metals found support following comments from Fed Governor Christopher Waller, who indicated that the central bank has room to continue cutting interest rates, given a cooling labour market. Earlier in the week, data showed the U.S. unemployment rate rose to 4.6% in November, the highest level since September 2021.
"Remarks by Waller indicate that the Fed could maintain its ongoing rate cut cycle...so that's supporting both gold and silver right now," said Kelvin Wong, senior market analyst at OANDA, who also noted the potential for near-term profit-taking.
Platinum also rallied, climbing 4% to a more than 17-year high of $1,973.91.
Market Sentiment
Sentiment in the precious metals complex remains bullish but cautious ahead of fresh inflation data. Investors are positioned for gold and silver to benefit from the Fed’s gradual easing cycle, with silver also drawing strength from tight supply and robust industrial consumption, particularly in green technologies. However, the near-term direction will be heavily influenced by the upcoming U.S. CPI and PCE inflation prints. Stronger-than-expected data could prompt a pullback as it might temper rate cut expectations, while softer figures would likely reinforce the bullish narrative and could propel silver toward the psychologically important $70 level. The broader trend remains upward, supported by macroeconomic conditions favourable to non-yielding and industrial metals.
© 2025 BROKSTOCK SA (PTY) LTD.
BROKSTOCK SA (PTY) LTD is an authorised Financial Service Provider and is regulated by the South African Financial Sector Conduct Authority (FSP No.51404). BROKSTOCK SA (PTY) LTD Proprietary Limited trading as BROKSTOCK. BROKSTOCK SA (PTY) LTD t/a BROKSTOCK acts solely as an intermediary in terms of the FAIS Act, rendering only an intermediary service (i.e., no market making is conducted by BROKSTOCK SA (PTY) LTD t/a BROKSTOCK) in relation to derivative products (CFDs) offered by the liquidity providers. Therefore, BROKSTOCK SA (PTY) LTD t/a BROKSTOCK does not act as the principal or the counterparty to any of its transactions.
The materials on this website (the “Site”) are intended for informational purposes only. Use of and access to the Site and the information, materials, services, and other content available on or through the Site (“Content”) are subject to the laws of South Africa.
Risk notice Margin trading in financial instruments carries a high level of risk, and may not be suitable for all users. It is essential to understand that investing in financial instruments requires extensive knowledge and significant experience in the investment field, as well as an understanding of the nature and complexity of financial instruments, and the ability to determine the volume of investment and assess the associated risks. BROKSTOCK SA (PTY) LTD pays attention to the fact that quotes, charts and conversion rates, prices, analytic indicators and other data presented on this website may not correspond to quotes on trading platforms and are not necessarily real-time nor accurate. The delay of the data in relation to real-time is equal to 15 minutes but is not limited. This indicates that prices may differ from actual prices in the relevant market, and are not suitable for trading purposes. Before deciding to trade the products offered by BROKSTOCK SA (PTY) LTD, a user should carefully consider his objectives, financial position, needs and level of experience. The Content is for informational purposes only and it should not construe any such information or other material as legal, tax, investment, financial, or other advice. BROKSTOCK SA (PTY) LTD will not accept any liability for loss or damage as a result of reliance on the information contained within this Site including data, quotes, conversion rates, etc.
Third party content BROKSTOCK SA (PTY) LTD may provide materials produced by third parties or links to other websites. Such materials and websites are provided by third parties and are not under BROKSTOCK SA (PTY) LTD's direct control. In exchange for using the Site, the user agrees not to hold BROKSTOCK SA (PTY) LTD, its affiliates or any third party service provider liable for any possible claim for damages arising from any decision user makes based on information or other Content made available to the user through the Site.
Limitation of liability The user’s exclusive remedy for dissatisfaction with the Site and Content is to discontinue using the Site and Content. BROKSTOCK SA (PTY) LTD is not liable for any direct, indirect, incidental, consequential, special or punitive damages. Working with BROKSTOCK SA (PTY) LTD you are trading share CFDs. When trading CFDs on shares you do not own the underlying asset. Share CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A high percentage of retail traders accounts lose money when trading CFDs with their provider. All rights reserved. Any use of Site materials without permission is prohibited.
