Metals Rise After Shutdown Deal (11.13.2025)

President Trump signed the bill ending the 43-day shutdown, lifting gold above 4,200 dollars and silver to 54 dollars. Markets now await delayed U.S. data, with the White House warning October jobs and CPI may not be released. Fed cut odds slipped to 60 percent, while ADP figures showed firms cutting about 11,250 jobs per week.

Japan’s 10-year yield stayed near 1.7 percent as PM Takaichi pressed the BOJ to keep policy loose. Markets see a 24 percent chance of a December hike and 46 percent for January, with Governor Ueda stressing the need for inflation supported by wage growth.

Euro Holds Near 1.1590 Before Shutdown Vote

The euro struggled to break above 1.1600, holding near 1.1590 as risk appetite improved ahead of the House vote to reopen the U.S. government. Markets waited for confirmation that the shutdown would end. Fed officials delivered mixed messages, with John Williams hinting at possible balance sheet expansion while Raphael Bostic stressed prioritizing price stability. In Europe, German inflation held near the ECB’s 2% target, underscoring the policy divergence between the ECB and the Fed.

Technically, 1.1490 is the key support, while resistance is seen at 1.1600.

Yen Nears 155 as PM Takaichi Urges Low Rates

The yen hovered around 154.7 as Prime Minister Takaichi reiterated support for low interest rates. BOJ Governor Ueda said the bank seeks moderate inflation sustained by wage growth. Markets assign a low probability to near-term rate hikes, though officials cautioned against excessive yen depreciation. Meanwhile, producer prices came in stronger than expectations.

Technically, resistance stands near 155.20, while support is firm at 154.40.

Gold Steady Near $4,180 on Fed Cut Bets

Gold traded near $4,180 per ounce on Thursday, holding a three-week high as U.S. economic uncertainty and expectations of more Fed easing supported demand. The shutdown is expected to end after the House approved a funding bill, though the White House warned that October jobs and inflation data may be delayed. Private figures showed ongoing job cuts, highlighting labor-market weakness and supporting Fed cut expectations, with markets pricing a 65% chance of a 25 bps move next month. Gold is up nearly 5% this week as traders see room for further easing.

From a technical view, support is seen near $4160, while resistance is positioned around $4225.

Sterling Slips on Leadership Anxiety

The British pound fell to $1.3125 as rising political uncertainty and concerns ahead of the UK budget weighed on sentiment. Reports that a move to challenge Prime Minister Keir Starmer’s leadership had been blocked unsettled investors, with warnings that any challenge could trigger volatility and push gilt yields higher. Doubts over UK labor data added to the instability, as unemployment rose to 5% in the three months to September, though economists questioned the reliability of the figures due to issues with the Labour Force Survey. BoE official Megan Greene also flagged data quality concerns. The report briefly lifted expectations for a December rate cut to about 80% after the BoE held rates steady last week. Markets now await Q3 GDP for clearer direction ahead of the budget.

From a technical view, support stands near 1.3050, with resistance around 1.3190.

Silver Extends Rally Above $54

Silver gained more than 1 percent on Thursday, moving above 54 dollars per ounce and nearing last month’s record. The metal is now up about 12 percent for the week as investors seek safety amid rising global uncertainty. Expectations of future Federal Reserve rate cuts, supported by signs of a weakening U.S. labor market, lifted sentiment further. Demand concerns also grew due to India’s wedding season and the possibility of new U.S. tariffs on silver. The backdrop strengthened after the U.S. Department of the Interior added silver, copper, and metallurgical coal to its list of critical minerals, a move that could lead to Section 232 trade investigations and restrictions similar to those imposed on copper earlier this year.

From a technical view, resistance stands near $54.40, while support is located around $47.70.