This retreat came after a period of momentum that saw prices rise around $160 in four trading days. The decline was attributed to shifting market attitudes toward higher inflation expectations, rising U.S. interest rates, lower economic growth forecasts, and uncertain political conditions globally and domestically in several major countries.
The recent drop in gold prices appears to have had a more significant impact on silver prices, while platinum and palladium prices remained relatively stable. If prices manage to hold support over the next few days, a quick recovery could be possible. However, various economic, financial, political, and technical forces are currently influencing prices in both directions.
CPM Group's latest trade recommendation advises investors to 'Stand Aside' with an initial target price range of $3,800 to $4,160 and a timeframe from November 13 to November 27, 2026. The firm notes that short-term trade recommendations offer high-risk, high-reward opportunities but caution that capturing the complex factors affecting precious metals prices is challenging.
Attitudes toward a 25 basis point increase in the Fed Funds rate at the December 8-9 FOMC meeting have grown sharply, with a 91% probability in the CME Fedwatch market. There is also increased talk of a 50 basis point increase by the Fed, either in December or in two stages, following higher-than-expected inflation figures for the United States in October, released earlier this week.