Gold & Silver Afternoon Update 10/23/2025 | The Bregar Minute
A generally constructive rest of the day for gold, with ever rising copper prices encouraging the market to defend the overnight high and COMEX opening range as new support on multiple occasions. However, a pesky rise for US yields since the London close (correlating well with a second leg higher for stocks after their opening surge) slowly dampened precious metal buying enthusiasm, and we’re now seeing some bulls give up below today’s COMEX closing ranges as the US 10yr yield closes the day at new session highs. Trump’s announcement of a meeting with China’s President Xi next Thursday seemed to spark the stock market surge; take from that what you will but the upcoming NY closing prints for the precious metals do not look great. This hints that we’ll get a downside test of gold & silver’s 55hr moving averages at some point overnight (what the bulls need to hold to keep near-term momentum on their side). Tomorrow’s main event is the release of the delayed September US CPI report at 8:30amET, and the consensus expectation is for +0.4% MoM on the headline and +0.30% MoM for core inflation (same as the August numbers). The Fed fund futures market is still comfortably pricing in two more 25bp rate cuts for 2025.
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