Spot pricing for Gold $AU6403

Spot pricing for Silver $AU88.96

Spot pricing for Platinum $AU2513

Manufacturing data out of the US continues to show a slow bleed, with the sector softening again as tariffs bite deeper into order books. Higher input costs and uncertainty around supply chains are dragging on production, and sentiment across factories is now at its weakest level in months.

At the same time, the labour market is giving a slightly confusing signal. Tech layoffs have been rolling through the sector at scale, and yet those job losses still haven’t shown up meaningfully in the weekly jobless claims. Economists are watching this disconnect closely — historically, this kind of divergence tends to close quickly once severance periods run out and rehiring slows.

For gold, the broader macro tone remains mildly supportive. Slower manufacturing and the early signs of labour-market cooling continue to feed the narrative that the US may have to ease further into next year. That keeps safe-haven assets like gold well-bid, even if short-term price action has been choppy.

Silver is holding its ground too having its best year of trade in a long time, supported by its industrial demand story, though any deeper downturn in manufacturing will naturally cap upside until there’s clearer visibility on global recovery.

Overall, markets are in wait-and-see mode — but the underlying themes of weaker production and delayed labour softness are keeping investors cautious and quietly rotating toward defensive assets.

Thanks for reading – and always do your own research before making any investment decisions.

Enjoy today’s charts.

Gold daily chart, with 50MDA