Thursday, November 13, 2025 — Physical precious metals markets posted strong gains today as spot gold is trading at $4,203.48 per ounce up $8.61, while spot silver is trading at $53.08 per ounce down $0.20. These moves extend a remarkable five-session rally that has added approximately 7% to gold’s value and propelled silver back toward its October all-time high of $54.49 per ounce. The precious metals complex is benefiting from renewed safe-haven demand following the resolution of the U.S. government’s record 40-day shutdown, declining Treasury yields that fell to 4.07% on the 10-year note, and growing expectations for a December Federal Reserve interest rate cut. Gold has now surged more than 60% year-over-year, while silver’s 83% annual gain reflects both its monetary appeal and robust industrial demand from renewable energy and semiconductor sectors.
The World Bank’s November Commodity Markets Outlook projects precious metals will reach new record highs in 2026, with gold expected to post its strongest annual gain since the late 1970s—a remarkable 60% increase in 2025—driven by heightened geopolitical tensions, central bank diversification away from dollar reserves, and a weakening U.S. currency. The report reveals that central banks’ share of total gold demand has nearly doubled from 12% in 2015-2019 to approximately 25% in 2024, with purchases since 2022 exceeding twice their historical average as sovereign nations accelerate de-dollarization strategies amid economic uncertainty. Silver’s supply-demand dynamics remain particularly constructive, with industrial applications accounting for more than half of total demand—including expanding use in solar panels, electric vehicles, and artificial intelligence hardware—while supply is projected to grow only gradually, creating a structural deficit of approximately 250 million ounces in 2025 and 149 million ounces in 2026. Leading Wall Street institutions including JPMorgan Private Bank, Goldman Sachs, and Bank of America have raised their 2026 gold forecasts to a range of $4,400 to $5,300 per ounce, citing persistent central bank buying, Western ETF inflows, and safe-haven positioning as key drivers, while the World Bank forecasts gold averaging $3,575 per ounce and silver at $41 per ounce in 2026, representing more conservative estimates that still mark new annual highs.
