The Global Precious Metals MMI rose by 4.33% month over month. As of mid-November 2025, all four precious metals have been lifted by dovish Fed expectations, U.S. political developments and lingering inflation concerns. Gold and silver surged on safe-haven demand after the U.S. government shutdown ended, while platinum and palladium rallied on tight supply and industrial demand.
Palladium Prices Remain Volatile
Palladium remains the most volatile of the four precious metals. Prices surged to about $1,655/oz in mid-October before pulling back sharply a month later. By November 14, it had fallen roughly 3% to $1,368/oz, but then jumped to $1,442/oz on November 19. A key driver of this volatility was the strong U.S. dollar. Indeed, the dollar index hit a three-month high in early November amid hawkish Fed signals that boosted investor concerns.
On the positive side, a tentative U.S.-China trade deal and the end of the U.S. shutdown reduced some investor worries. Looking ahead, analysts are divided. Some see a potential market surplus in 2026, while others remain bearish amid the shift toward EV manufacturing. This is because EVs do not use traditional catalytic converter engines, which require palladium.
Bulls Continue to Lead Platinum Prices
Platinum has been unusually strong this year, reflecting a tightening market. Over the past two weeks, it traded between roughly $1,530 and $1,625/oz. Meanwhile, the World Platinum Investment Council (WPIC) reported a third consecutive annual deficit (projected ~692,000 oz in 2025) due to fluctuating automotive and jewelry demand. This comes as supply remains constrained (down 2% this year) and lease rates/backwardation remain high.
If automotive production proves resilient going into 2026 and inventories remain tight over the next two months, platinum will hold its gains. The primary risk at the moment is easing trade tensions, which could release some stock. Firms should evaluate those tools depending on their risk tolerance.
Silver Prices See Spike
In the past two weeks, silver prices spiked above $53/oz (e.g., $53.08 on November 13), before pulling back slightly to around $52/oz on November 19.
This follows an extraordinary rally fueled by supply deficits, high interest rates and geopolitical unrest. In the short term (1-2 months), experts expect silver to remain strong but volatile. Technical analysts warn that a break below $50 could open a slide toward the $47–$38 range. Therefore, risk management is crucial.
Gold Prices Cool off, but Still Remain Bullish
Gold spent the last two weeks trading between around $4,040 and $4,240/oz, eventually closing at $4,090 on November 14. Key drivers include Fed policy, a softer dollar (making dollar-priced gold cheaper abroad) and numerous geopolitical risks.
Looking ahead, most strategists remain bullish on gold's outlook going into 2026. Persistent inflation and fiscal deficits should keep hopes of an interest rate cut alive. Analysts quoted in Barron’s see “persistent macro tailwinds” and structural demand, including a surge in emerging-market central bank buying, that could push gold toward $5,000.
Precious Metals MMI: Noteworthy Price Shifts
- Palladium bar prices rose by 16.82%, reaching $1,438 per troy ounce.
- Platinum bar prices moved sideways, rising 2.17% to $1,602 per troy ounce.
- Silver ingot prices rose 3.7% to $48.73 per troy ounce.
- Lastly, gold bullion prices rose 3.45% to $3,993.30 per troy ounce.
