According to the Commodity Market Analysis System of Shengyi Society, as of November 13, 2025, the morning market price of gold spot was 957.69 yuan/gram, an increase of 4.25% from the gold spot market price of 918.62 yuan/gram at the beginning of this month (November 1).
According to the Commodity Market Analysis System of Shengyi Society, the average market price of silver in the morning session on November 13, 2025 was 12420 yuan/kg, an increase of 8.23% from the average market price of 11476 yuan/kg at the beginning of this month (November 1), reaching a new historical high.
Overview of precious metal and crude oil price trends
Since 2025, the price correlation between precious metals and Brent crude oil has shifted from a short-term weak positive correlation to a long-term significant negative correlation. On November 13th, precious metal prices surged and crude oil prices fell sharply.
Comparison of precious metal gold and silver price trends in the past year
From the past year’s cycle, gold and silver have consistently maintained a strong positive correlation. The overall fluctuation of gold and silver prices shows a synchronous trend, and their ups and downs are basically synchronized during most of the time. For example, during the upward phase from late October 2024 to April 2025, as well as subsequent fluctuations and further upward movements, the trend directions of the two are basically consistent.
Silver prices hit a new high again, with inverted prices both domestically and internationally
On November 13, 2025, silver prices hit a new high. In terms of both domestic and international markets, Shanghai silver prices are more than 400 yuan/kg higher than London silver prices in RMB. Recently, silver prices have risen significantly, highlighting the strategic resource attributes of silver. In November 2025, both China and the United States introduced the latest policies reflecting the strategic resource attributes of silver. China focused on upgrading export controls to ensure resource security, while the United States released support and control signals by including it in the list of key minerals. The specific policy contents are as follows:
China: The Ministry of Commerce has issued Document No. 68 of 2025, upgrading silver to a strategic resource and incorporating it into the national resource security control system at the same level as tungsten and antimony. Production oriented export enterprises must meet the requirement of producing 80 tons of silver annually by 2024 (relaxed to 40 tons in the western region) or more, and have annual export performance from 2022 to 2024; Circulation oriented enterprises need to have continuous export performance during the same period and pass relevant system certification. Policies prioritize supporting enterprises with the entire industry chain, compliance, and high-tech capabilities. This move will promote the concentration of industry resources towards large enterprises and strengthen China’s ability to control the global supply of silver.
On November 6th, the United States included silver in the 2025 Key Mineral List. Domestic silver mining and refining projects can enjoy tax credits and other benefits, with simplified approval and the possibility of restarting strategic reserves for silver; At the same time, silver will be subject to tariff review under Article 232, with a maximum import tariff of 50%. This policy is adapted to the rigid demand for silver in fields such as photovoltaics and military industry, ensuring the stability of the supply chain in related industries.
Macro driven increase in precious metal prices
On November 13, 2025, precious metals saw a significant increase, with the core being the strengthening of expectations of interest rate cuts by the Federal Reserve, the rise in market risk aversion, and the resonance of multiple factors such as improved liquidity and prominent silver strategic attributes. The specific reasons are as follows:
1. The dovish shift of the Federal Reserve towards interest rate cuts is expected to rise across the board
Officials’ personnel changes drive expectations of policy easing: On November 12th, Atlanta Fed Chairman Bostic (with a hawkish stance) suddenly announced early retirement, and the market speculated that Trump may appoint a dovish successor to the position. This change further strengthens the expectation of the Federal Reserve accelerating its policy shift towards easing, directly driving up gold and silver prices. At the same time, multiple officials within the Federal Reserve have expressed signals of easing. For example, Milan believes that a 50 basis point rate cut in December is appropriate, and officials such as Daly also advocate maintaining an open attitude towards further rate cuts. Currently, the market predicts that the probability of a 25 basis point rate cut in December has reached 69.6%.
The weak data of the US economy confirms the necessity of interest rate cuts: the number of private sector layoffs in the US surged by over 150000 in October, setting a record high for the same period in more than 20 years; The previously released October ISM Manufacturing PMI index was only 48.7, continuously below the boom bust line, and the University of Michigan Consumer Confidence Index also fell to its lowest level since June 2022. The weak economic data has made the market firmly believe that the Federal Reserve needs to boost the economy through interest rate cuts, and a decline in interest rates will lower the opportunity cost of holding interest free precious metals such as gold and silver. At the same time, US bond yields have also fallen to their lowest levels since November 5th, further paving the way for the rise of precious metals.
2. Risk aversion and capital flow support
Uncertainty factors trigger the need for hedging: Although the US government shutdown is likely to be resolved through a temporary funding bill, the previous shutdown has led to the loss of key economic data, and the market is prone to emotional fluctuations during the “data gap period”; At the same time, the geopolitical conflict between the Middle East and Europe continues to escalate, and investors are increasing their holdings of precious metals to avoid risks. In addition, Bitcoin fell on the same day, and some of its outflow funds flowed into the precious metal market, providing additional impetus for the upward trend of precious metal prices.
Global central banks’ confidence in buying gold to underpin the market: central banks continue to increase their holdings of gold to form a long-term support. The People’s Bank of China has increased its holdings of gold for many consecutive months, and Poland, Türkiye and other countries have also significantly increased their holdings. According to data from the World Gold Council, most of the surveyed central banks plan to continue increasing their holdings of gold in the coming year. This official level of gold buying behavior has greatly enhanced the market’s bullish confidence in precious metals and provided solid support for prices.
3. Market liquidity is expected to improve, which is favorable for the valuation of precious metals
The US House of Representatives will vote on the bill to end the government shutdown on November 13th, and the government is likely to restart. Once the government opens the door, the general account of the Ministry of Finance will release a large amount of funds, which will significantly improve the market liquidity of the US dollar. In a loose liquidity environment, funds are more likely to flow into safe haven assets such as precious metals, while also easing market volatility caused by data loss, further driving up precious metal prices.
4. Strengthening the strategic attributes of silver drives the linked rise of the precious metal sector
The recent policies of China and the United States have further highlighted the strategic value of silver. China has included silver in its export review quota system, while the United States has for the first time included silver in its key mineral list. These policies have enhanced the strategic resource positioning of silver, enabling it to emerge from an independent and strong trend in the context of macroeconomic easing. As an important variety of precious metals, the strong rise in the price of silver has also driven the linked upward trend of other precious metals such as gold and platinum.
Forecast for the future market of precious metals prices in November
In the short term, precious metal prices are expected to rise strongly again. It is expected that precious metal prices will show short-term strong fluctuations, sufficient medium-term upward momentum, and a clear long-term upward trend in the future. Specifically, gold is likely to maintain a wide range of fluctuations in the short term, while silver has a strong trend and is expected to hit high levels in the short term.
| http://www.thiourea.net |