Gold & Silver Afternoon Update 10/30/2025
A somewhat frustrating 10am-2pm ET window for the gold bulls as prices couldn’t advance further amidst a 2hr negative US yield move and strong rally extensions for palladium, platinum, and silver. The -0.65% S&P selloff, from 2-4pmET, finally helped the safe-haven precious metal catch-up to the upside; and what’s been especially impressive is how gold stayed bid despite the S&P bounce (post AMZN & APPL earnings) into the NY close. This has produced the first decent looking NY closing print for gold (comfortably above its COMEX close) since last Tuesday’s dreadful collapse, and so I think we could see the market attempt to break above yesterday’s high into tomorrow.
The absence of gold buying at the China open has been a problem for a week. One prominent analyst thinks Xi orchestrated this to appease Trump going into trade negotiations, but will the Chinese now quietly return considering that a truce has been agreed? China will announce its October PMIs at 9:30pmET, which could muddy the signal we typically get from USDCNH flows after the daily CNY fix at 9:15amET.
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