On November 25, 2025, domestic futures contracts opened mostly higher in early trading, with Shanghai silver leading gains by rising over 2%. Other notable gainers included glass, Everest Group (EG), methanol, corn, Shanghai gold, and asphalt, all up more than 1%. On the downside, peanuts and live hogs declined over 0.5%.
A research report from CICC noted that since 2022, gold prices have continued to climb due to factors such as geopolitical tensions, de-dollarization trends, and rising U.S. debt. From a supply-demand perspective, gold production has grown steadily, with prices primarily driven by demand—particularly central bank purchases, which have been a major source of demand in recent years. However, as gold prices reach higher levels, some central banks have temporarily reduced holdings as their gold-to-reserve ratios exceeded target allocations. Overall, global central banks may still have room to increase their gold allocations.
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