According to the Financial Times, from the evening of November 28 to the early hours of November 29, international gold prices continued to climb, with both spot gold and COMEX gold prices reclaiming the $4,200 per ounce level. As of 14:15 on December 1, spot gold was quoted at $4,233.28 per ounce, while COMEX gold futures rose in tandem to $4,266.6 per ounce.

Domestic markets followed suit. Real-time gold price apps showed Shuibei gold trading at ¥957 per gram as of 1:23 PM on December 1. Jewelry brands including Chow Tai Fook, Chow Sang Sang, Chow Tai Seng, and Laofengxiang quoted gold prices exceeding ¥1,300 per gram, with the highest reaching ¥1,336 per gram. In capital markets, gold ETFs and gold stock ETFs also rose in tandem, with sustained enthusiasm for capital allocation.

Notably, the sustained high gold prices have impacted domestic consumption to some extent. According to the latest statistics from the China Gold Association, China's gold consumption in the first three quarters of 2025 reached 682.730 tons, a year-on-year decrease of 7.95%. Gold jewelry consumption stood at 270.036 tons, down 32.50% year-on-year, while consumption of gold bars and coins increased by 24.55% year-on-year.

Amid gold's strength, the silver market delivered even more remarkable performance. This year has been a dramatic one for silver. Silver futures prices surged strongly, setting new historical highs.

In mid-October, after hitting a record high, spot silver entered a high-range fluctuation zone, briefly retreating to around $46 per ounce. However, starting in November, silver prices embarked on a new upward cycle, gradually breaking through the $50 threshold from a starting point of $47 per ounce. Since November 24, it has closed higher for five consecutive trading days, continuously setting new historical records.

As of December 1, spot silver reached $57.86 per ounce intraday, setting another record high. Its year-to-date gain has soared to 97%, far outpacing the rise in international gold prices and making it one of the strongest-performing commodities this year.

Industry experts attribute the record-breaking silver prices largely to a persistent structural supply-demand gap that has persisted for years. Data released by the World Silver Association in November indicates that global silver demand is projected to decline to 1.12 billion ounces in 2025, a 4% year-on-year decrease. Industrial demand is expected to fall by approximately 2%, while silver consumption in photovoltaic applications—despite reaching record-high installations—is forecast to drop by about 5% due to rapidly declining per-unit consumption. Silver jewelry and silverware demand are projected to decline by 4% and 11%, respectively. However, despite this demand contraction, the market is projected to remain in deficit by 2025—marking the fifth consecutive year of deficit—which continues to underpin silver prices.

What lies ahead for the precious metals market?

Multiple factors are currently converging, suggesting gold prices may enter a short-term consolidation phase. In the medium to long term, attention should focus on global political and economic uncertainties, as well as potential shocks to the U.S. dollar credit system.

Guoxin Futures indicates that amid fluctuating geopolitical tensions, wavering expectations for Federal Reserve policy, and a volatile market liquidity environment, precious metals are expected to maintain a fluctuating yet generally firm trend. Technically, after consecutive rallies, silver warrants caution for a potential technical correction. Key focus should be placed on developments in the Federal Reserve Chair nomination, policy signals from Europe and the US, and the evolution of geopolitical situations.

As an integrated internet platform providing benchmark prices, On December 2, the benchmark price of gold on SunSirs was 954.91 RMB/gram, an increase of 0.67% compared with the beginning of the month (948.59 RMB/gram).The benchmark price of silver on the Business Society was 13,414.00 RMB/kg, an increase of 6.05% compared with the beginning of the month (12,649.33 RMB/kg).

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