Emre Yumlu 
Yhe latest U.S. inflation figures prompted renewed positioning across financial markets, including precious metals. With inflation coming in below expectations and the U.S. dollar maintaining relative strength, investors reassessed near-term price dynamics across gold, silver, and platinum. Despite shifting macro signals, market reactions varied significantly between metals.
Gold Prices Hold Steady Despite Softer Inflation
Gold showed limited directional movement following the inflation release. Spot gold traded sideways around $4,325 per ounce, reflecting a balanced market response rather than a decisive trend. U.S. gold futures mirrored this stability, hovering near $4,346 per ounce.
While lower inflation typically weakens gold’s role as an inflation hedge, the metal found support from expectations of potential monetary easing. As a result, gold ended the week with minimal volatility, maintaining its broader consolidation pattern rather than entering a corrective phase.
Silver Continues to Outperform
In contrast to gold’s calm performance, silver remained one of the strongest assets in the precious metals space. Spot silver traded near $65.10 per ounce, after reaching an all-time high of $66.88 earlier in the week. On a weekly basis, silver was on track to post gains of nearly 5%.
The longer-term performance gap is even more striking. Since the beginning of the year, silver prices have surged approximately 125%, significantly outperforming gold, which has risen about 65% over the same period. This divergence highlights silver’s dual appeal as both an industrial metal and a speculative investment.
Inflation Data and Federal Reserve Expectations
U.S. consumer prices rose 2.7% year-over-year in November, falling short of the 3.1% level anticipated by markets. Following the data release, interest rate futures indicated a modest increase in the probability of a Federal Reserve rate cut at its January meeting.
This shift in expectations contributed to gold’s price stability, as easing monetary conditions tend to support precious metals even when inflation pressures soften.
Outlook from Goldman Sachs and Other Metals
Goldman Sachs maintained a constructive long-term outlook for gold, projecting prices could rise 14% to $4,900 per ounce by December 2026 under its base-case scenario. The bank also noted that growing portfolio diversification among private investors presents an upside risk to this forecast.
Sharp Rise in Platinum
Meanwhile, platinum continued to trade near $1,924 per ounce after reaching its highest level in over 17 years. Palladium, after testing a nearly three-year high, eased to around $1,677 per ounce. Both metals are expected to close the week higher, with palladium posting one of its strongest weekly performances since late 2024.
Overall, while gold remains stable, strong momentum in silver and continued gains in platinum-group metals are keeping investor attention firmly focused on diversification within the precious metals market.
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