The market has largely cooled down after the recent surge in precious metals. The latest increase in precious metal valuations had a pace and scale that is difficult to fully justify with hard fundamental data. Part of the movement was an emotional reaction driven by geopolitical uncertainty and the entrenched belief that metals always gain in times of unrest. However, the market once again demonstrated its ability to anticipate facts and only later seek justification for them. This is particularly true for retail investors, whose participation was very noticeable in the recent rise.
This does not mean, however, that precious metals lack reasons to grow. Institutional purchases remain a strong pillar, especially from central banks of developing countries, which have been systematically diversifying reserves for several years. The second element of this structure is monetary policy, whose direction still favors cutting interest rates and maintaining them at a low level. This creates a kind of price floor, not so much guaranteeing increases as limiting the scale of potential declines.
Gold, however, is not an untouchable asset. The status of a safe asset does not mean immunity to corrections or declines, as has been observed on the charts recently. For example, a clear signal of lasting improvement in relations between the United States and China could lead to part of the risk premium being withdrawn from quotations. A similar effect could be brought about by unexpected tightening of monetary policy in major economies.
GOLD (D1)
Source: xStation5
Fluctuations in rates in the short and medium term have negligible significance for central banks, which look at the market over many years. For retail investors, however, they are a source of real profits or losses, and for investment firms, they constitute a significant element of financial results and balance sheets. This difference in perspectives means that the same price movement can be simultaneously insignificant and very painful for different market participants.
A careful investor should also pay attention to price relations between individual metals. Currently, silver shows better price dynamics than gold. Its growing importance in renewable energy and the electronics industry is changing the demand structure. If this trend continues, silver may gradually catch up with its "bigger brother," although this path will most likely be neither quick nor easy.
SILVER (D1)
Source: xStation5
Daily Summary: Wall Street absence limits market's activity
Toyota - After Earnings
Stock of the Week – Adobe Inc (27.11.2025)
European Central Banks publishes minutes📋EURUSD gains slightly
The content of this report has been created by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, (KRS number 0000217580) and supervised by Polish Supervision Authority ( No. DDM-M-4021-57-1/2005). This material is a marketing communication within the meaning of Art. 24 (3) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II). Marketing communication is not an investment recommendation or information recommending or suggesting an investment strategy within the meaning of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC and Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest or any other advice, including in the area of investment advisory, within the meaning of the Trading in Financial Instruments Act of 29 July 2005 (i.e. Journal of Laws 2019, item 875, as amended). The marketing communication is prepared with the highest diligence, objectivity, presents the facts known to the author on the date of preparation and is devoid of any evaluation elements. The marketing communication is prepared without considering the client’s needs, his individual financial situation and does not present any investment strategy in any way. The marketing communication does not constitute an offer of sale, offering, subscription, invitation to purchase, advertisement or promotion of any financial instruments. XTB S.A. is not liable for any client’s actions or omissions, in particular for the acquisition or disposal of financial instruments, undertaken on the basis of the information contained in this marketing communication. In the event that the marketing communication contains any information about any results regarding the financial instruments indicated therein, these do not constitute any guarantee or forecast regarding the future results.
