Spot pricing for Gold $AU6488

Spot pricing for Silver $AU96.21

Spot pricing for Platinum $AU2791

The Empire State Manufacturing Index delivered a sharp reality check overnight, plunging to –3.9% after last month’s strong 18.7% print. The reversal underscores the fragility in US manufacturing sentiment, and markets reacted quickly to the signal that growth momentum is slipping again.

US unemployment has edged higher to 4.6%, continuing its slow, uncomfortable climb. While not catastrophic on its own, the trend is becoming harder for policymakers to ignore. A labour market losing steam combined with softer manufacturing adds weight to the argument that the US economy is under more pressure than headline numbers have been reflecting.

CPI data is the next major waypoint. Due later this week, it should help clarify how the Fed will position itself heading into the new year. With inflation anchored but not defeated, and the labour market cooling, the path forward is increasingly uncertain. Rate cuts aren’t guaranteed, and markets are bracing for any hint of hawkishness.

Globally, this is shaping up to be a dense data week. International labour figures, central bank commentary, and a raft of economic releases are expected to inject volatility across equities, currencies, and commodities. Traders will be watching leading indicators closely for confirmation that global growth is slowing more materially.

Back home, the conversation is shifting again. While we flagged months ago that the RBA might consider raising rates in 2026, the banks appear to be moving that timeline forward. CBA and NAB are now anticipating a hike as early as February next year, signalling growing concern about Australia’s sticky inflation problem.

Against this backdrop, gold and silver have enjoyed a strong run. Silver continues to lead, now hovering around $96 AUD and inching ever closer to the psychological $100 mark. Gold is also holding firm at around $6489 AUD at the time of writing, supported by the steady drumbeat of weaker global data.

Precious metals are doing exactly what they do best in uncertain conditions — providing a stable footing as the economic picture becomes increasingly cloudy.

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

Enjoy today’s charts.

Gold daily chart, with 50MDA