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Daily brief · Thursday, November 20, 2025

Gold and silver slip as strong U.S. jobs data cools December rate-cut hopes

Precious metals ended lower, led by silver, after U.S. jobs data came in strong enough to reduce expectations for a December Federal Reserve rate cut. Several reports also highlighted ongoing central-bank and policy headlines that could matter for physical demand, even as prices softened today.

AI summaryWritten automatically with AI from 16 linked reports and our own price data, Oct 21, 2:21 AM ET. Each point links to its sources. Published without an editor’s review; not investment advice. How this page is made

Closing prices for November 20, 2025

Gold $4,090.60 −0.88% 30d −1.9% Silver $50.85 −2.60% 30d +1.8% Platinum $1,545.00 −0.77% 30d −1.1% Palladium $1,404.00 −0.28% 30d −1.2%

Tone of the reports: Mixed

What happened

  1. Reuters reported gold fell after strong U.S. jobs data reduced expectations for a December rate cut, which tends to pressure non-yielding assets like gold when rates are expected to stay higher for longer.

    SourcesReuters: Gold falls as strong US jobs data dims prospects for December rate ...

  2. Kitco said gold and silver were modestly down after the stronger U.S. jobs report, with the labor data driving the immediate reaction across both metals.

    SourcesKitco News: Gold, silver modestly down after stronger U.S. jobs report

  3. FXStreet said gold weakened to a multi-day low as markets scaled back bets on Fed easing after the jobs data; another FXStreet note also cited U.S. dollar buying as a headwind during a pullback.

    SourcesFXStreet: Gold weakens to multi-day low; eyes $4,000 amid less dovish Fed bets2: Switzerland Imports (MoM) climbed from previous 19899M to ...

  4. Kitco reported a new U.S. Senate bill that would require a full audit of U.S. gold reserves and additional refinement to meet global standards, a headline that could keep attention on official-sector gold holdings and logistics.

    SourcesKitco News: New Senate bill demands full audit of U.S. gold reserves, additional refinement to meet global standards

  5. Multiple reports pointed to official-sector and policy developments in physical gold: Iraq bought 6 tons in Q3 2025; Russia’s central bank started selling physical gold from reserves; and Pakistan restored an order lifting its ban on gold trade.

    SourcesEarlier news service: IRAQ purchases 6 tons of gold in Q3 20252: RUSSIA’s Central Bank Starts Selling Physical Gold From Reserve3: PAKISTAN lifts ban on gold trade as cabinet restores key SRO

  6. Bloomberg reported Bolivia said it will create a gold bank with public and private capital, another sign that some governments are looking for new ways to mobilize domestic gold.

    SourcesBloomberg: Bolivia Charts Return to International Credit Market by 2027 ...

Bull vs bear

The arguments the day’s reports made for each direction. We list them side by side; we don’t pick one.

The case for higher prices

The case for lower prices

What to watch

  • DecemberFed rate decisionSeveral reports linked today’s gold move to shifting expectations for a December rate cut, so the Fed’s next decision is a key macro input for metals pricing.

Metal by metal

Gold $4,090.60 −0.88%

Today’s drop was widely tied to the stronger U.S. jobs data reducing expectations of a December rate cut (Reuters; Kitco; FXStreet). Beyond the day’s selloff, several reports focused on physical and official-sector themes, including central-bank activity (Iraq buying; Russia selling), a potential U.S. gold-reserve audit bill, and longer-term upside framing from UBS tied to political and financial risks.

Gold headlines

Silver $50.85 −2.60%

Kitco grouped silver’s decline with gold’s move after the stronger U.S. jobs report. There was little additional silver-specific reporting beyond the macro driver.

Silver headlines

Platinum $1,545.00 −0.77%

No report focused on platinum.

Platinum headlines

Palladium $1,404.00 −0.28%

No report focused on palladium.

Palladium headlines

The day’s reports

33 reports, most important first, New York time.

  1. 7:00 PM Earlier news service · 7:00 PM▼ Reports a fall RUSSIA’s Central Bank Starts Selling Physical Gold From Reserve Russia's central bank has started selling physical gold from reserves.
  2. 7:00 PM Earlier news service · 7:00 PM▲ Reports a rise CHINA's Gold Hits 29,000 Yuan as Beijing Reshapes Wealth Strategy Gold in China hit 29,000 yuan as Beijing reshapes its wealth strategy.
  3. 7:00 PM Earlier news service · 7:00 PM▲ Reports a rise RUSSIA Keeps Backing Up the Truck Russia is continuing to add to its gold reserves.
  4. 7:00 PM Earlier news service · 7:00 PM WORLD GOLD COUNCIL : JOE CAVATONI - Gold's Key Driver Now, Plus 2026 Catalysts t.. The World Gold Council’s Joe Cavatoni discussed gold’s key drivers and 2026 catalysts.
  5. 7:00 PM Earlier news service · 7:00 PM WORLD GOLD COUNCIL : Navigating gold prices - What lies ahead? The World Gold Council discussed what may lie ahead for gold prices.
  6. 7:00 PM Earlier news service · 7:00 PM LME to stop running benchmark platinum and palladium auctions The LME will stop running its benchmark platinum and palladium auctions.
  7. 7:00 PM Earlier news service · 7:00 PM PAKISTAN lifts ban on gold trade as cabinet restores key SRO Pakistan restored a key order lifting its ban on gold trade.
  8. 7:00 PM Earlier news service · 7:00 PM▲ Reports a rise IRAQ purchases 6 tons of gold in Q3 2025 Iraq bought 6 tons of gold in the third quarter of 2025.
  9. 4:19 PM Kitco News · 4:19 PM New Senate bill demands full audit of U.S. gold reserves, additional refinement to meet global standards A new Senate bill would require a full audit of U.S. gold reserves and more refining to global standards.
  10. 2:08 PM Reuters · 2:08 PM▼ Reports a fall Gold falls as strong US jobs data dims prospects for December rate ... Gold prices fell after strong U.S. jobs data reduced expectations for a December rate cut.
  11. 12:54 PM Kitco News · 12:54 PM UBS raises upside case for gold to $4,900/oz by Q2 2026 on political and financial risks UBS lifted its gold upside target to $4,900 an ounce by Q2 2026 on political and financial risks.
  12. 11:18 PM FXStreet · 11:18 PM▼ Reports a fall Gold weakens to multi-day low; eyes $4,000 amid less dovish Fed bets FXStreet says gold weakened to a multi-day low as stronger US jobs data reduced expectations for Fed rate cuts.
  13. 7:00 PM Bloomberg · 7:00 PM▲ Reports a rise Where to Invest $10,000 Right Now: Mega-Cap Tech, IT Services ... Bloomberg says it still prefers gold over crypto amid a rotation tied to geopolitics.
  14. 7:00 PM Bloomberg · 7:00 PM Bolivia Charts Return to International Credit Market by 2027 ... Bolivia said it will create a gold bank with public and private capital.
  15. 7:00 PM Earlier news service · 7:00 PM▲ Reports a rise PERTH MINT : Australian Bullion Sales Surge in October Perth Mint said Australian bullion sales surged in October.
  16. 7:00 PM Earlier news service · 7:00 PM COMMERZBANK : Broad-based decline in Swiss Gold exports in October Commerzbank said Swiss gold exports declined broadly in October.
  17. 7:00 PM Earlier news service · 7:00 PM TETHER’s Gold Play Exposed: Jefferies Confirms $13B Bullion Stockpile Jefferies confirmed Tether's reported $13 billion bullion stockpile.
  18. 7:00 PM Earlier news service · 7:00 PM▼ Reports a fall GOLD falls as DOLLAR firms Gold fell as the dollar strengthened.
  19. 7:00 PM Earlier news service · 7:00 PM JEFFERIES : Tether’s expanding gold stockpile tests central-bank standards Jefferies said Tether’s growing gold stockpile is testing central-bank standards.
  20. 7:00 PM Earlier news service · 7:00 PM LBMA Precious Metals market volumes, October 2025, and their significance LBMA released October 2025 precious-metals market volume figures and discussed their significance.
  21. 7:00 PM Earlier news service · 7:00 PM SWISS Gold Exports to China Plummet 93% in October Swiss gold exports to China fell 93% in October.
  22. 7:00 PM Earlier news service · 7:00 PM RAND REFINERY Appoints New CEO Rand Refinery has appointed a new chief executive.
  23. 12:42 PM Kitco News · 12:42 PM▼ Reports a fall Gold, silver modestly down after stronger U.S. jobs report Gold and silver fell modestly after a stronger U.S. jobs report.
  24. 8:40 AM Kitco News · 8:40 AM Gold prices holding steady as U.S. economy created 119K jobs in September Gold prices held steady after U.S. September payrolls came in at 119,000 jobs.
  25. 8:29 AM Kitco News · 8:29 AM▲ Reports a rise Spot gold approaches $4,100/oz after U.S. weekly jobless claims fall to 220k Spot gold approached $4,100 after U.S. weekly jobless claims fell to 220,000.
  26. 8:29 AM Kitco News · 8:29 AM Spot gold trades near $4,075/oz after Philly Fed survey rises to -1.7 in November Spot gold traded near $4,075 after the Philly Fed survey rose to -1.7 in November.
  27. 8:14 AM Kitco News · 8:14 AM▼ Reports a fall Gold price slightly down as global stock markets rally Gold prices edged lower as global stock markets rallied.
  28. 6:52 AM FXStreet · 6:52 AM Gold range-bound as markets digest delayed US jobs data Gold traded little changed as markets digested delayed U.S. September jobs data.
  29. 2:01 AM FXStreet · 2:01 AM▼ Reports a fall Switzerland Imports (MoM) climbed from previous 19899M to ... Gold pulled back after an intraday rise, with U.S. dollar buying weighing on prices.
  30. 8:13 PM FXStreet · 8:13 PM▼ Reports a fall BoJ's Ueda says weak Japanese Yen pushes up import prices ... FXStreet reports BoJ Governor Ueda said yen weakness is increasingly pushing up import prices, with gold trading offered.
  31. 7:00 PM Kitco News · 7:00 PM Gold market analysis for November 20 - Key intra-day price entry ... Kitco says its gold market analysis discusses key intraday price entry levels and inflation.
  32. 1:30 PM Kitco News · 1:30 PM Short seller Ganapathi says U.S. regional banking sector will collapse, but real assets like gold will do well A short seller said gold should benefit if regional banking stress worsens.
  33. 10:07 AM Kitco News · 10:07 AM Gold market ignores rise in U.S. existing home sales Gold market shrugged off a rise in U.S. existing home sales.

How this page is made

Collected every hour. Summed up twice a day. Linked to the source.

Where the news comes from

  • Reuters and Dow Jones headlines for gold, silver, platinum and palladium, through TradingView
  • Kitco News and MetalsDaily
  • The World Gold Council
  • Google News, for wider coverage
  • A daily AI web search for anything the feeds missed

How the briefs are written

Every hour we collect new headlines. An AI model from OpenAI tags each one by metal, topic and importance and writes a one-line summary from its headline and teaser. It doesn’t read paywalled articles. On weekdays at about 8 AM and after the 5 PM New York close, it writes a brief from the most important reports and our own spot price feed. Every point cites the reports it came from. On Fridays it writes a recap of the week.

Who publishes it

Bullion Trading LLC is a physical precious metals dealer in New York’s Diamond District, in business since 2008. Prices on this page come from our own live feed and LBMA history. We buy and sell bullion, so read the briefs as market context, not investment advice. Briefs are published automatically, without an editor’s review. If you spot an error, tell us.

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