• Silver prices surged to USD 56.78 per ounce, marking a monthly gain of 16.6% amid Fed rate cut expectations.
• Precious metals demand rose as bullion ETF inflows increased and supply tightness persisted in key global markets, including London and Shanghai.
• Spot gold climbed to USD 4,210.94 per ounce, reaching highest level since November, amid thin liquidity and market volatility

Silver

Recently, silver reached a new record surpassing its previous peak in October. Its spot prices rose to USD 56.78 per ounce according to Reuters. This is up 6.1% for the session and 16.6% for the month. Meanwhile, spot gold was up 1.3% to USD 4,210.94 per ounce after reaching its highest price since November 13. 

The rise of silver prices is due to rising hopes of a U.S Federal Reserve Interest rate cut in December. Additionally, the market is seeing  inflows into bullion-backed exchange-traded funds and ongoing supply tightness. 

Precious Metal Surge

On Friday 28th of November 2025, the market saw erratic price moves and thin liquidity in both gold and silver. This is largely due to expectation that the U.S. Federal Reserve will trim interest rates next month. Thus, these expectations led to an increase in demand for the precious metals.

Previously, in October, there was a severe supply shortage in the dominant silver trading hub in London. This led to prices surging in unprecedented levels reaching record highs before suddenly tumbling. However, since then nearly 54 million troy ounces of silver have eased this pressure. However, the market still remains under pressure due to the cost of borrowing the metal still remaining above its normal level.
The flow in the London Market has put pressure on other hubs such as China. For instance the silver inventories in warehouses linked to the Shanghai Futures Exchange recently hit their lowest level since 2015. In addition, the Shanghai Gold Exchange supply is at its lowest level in nine years.