Safe-haven demand comes as the market enters the new week and month, amid a global bond market that flourishes from Japan.
Chart-based buying activity has also been seen in both metals as the short-term technical trend becomes more bullish.
February gold contract increased by 28.2 USD, to 4,283.4 USD. March silver price increased by 0.597 USD, to 57.77 USD after reaching a record 58.61 USD in the night trading session.
The global stock market mainly fell overnight. US stock indexes are expected to open sharply down when the trading session in New York begins. Concerns about the Japanese bond market make traders and investors cautious as they enter the new week and month.
In another development, US President Donald Trump said on Sunday that he had selected a candidate for the position of Chairman of the US Federal Reserve (Fed) and expected the nominee to carry out interest rate cuts.
According to Bloomberg, his chief economic advisor, Kevin Hassett, is considered a strong choice to succeed current Chairman Jerome Powell.
Trump's nominee will need the US Senate to approve the Fed Governor's 14-year term starting in February if he does not come from within the Fed. Powell's term ends in May.
US and Ukrainian negotiators in Florida last weekend had a constructive discussion on a framework for a peace deal, but did not reach a final breakthrough.
In another development, the holiday shopping season in the US has started smoothly. Black Friday sales rose year-on-year, with retail sales (excluding cars) rising 4.1% on the day immediately following Thanksgiving, according to Mastercard SpendingPulse data cited by Bloomberg.
The figures show that consumer purchasing power is still resilient despite rising costs and concerns about the labor market, in the context of retailers launching promotions on many items to attract consumer price- sensitivity.
Despite macroeconomic fluctuations, shoppers still seem likely to be able to spend and maintain a stable spending level ahead of Black Friday, although the outlook for the rest of the shopping season remains volatile, according to a Bloomberg report.
OPEC+ will continue to plan to temporarily suspend crude oil production in the first quarter of 2026, while there are growing signs that the global oil market is in short supply.
Leading members because Saudi Arabia confirmed a three-month delay to increase production announced in early November at an online meeting on Sunday after several meetings between countries in the alliance, according to Bloomberg.
In a statement, the group said the decision reflects expectations of weaker market conditions seasonally. OPEC+ also agreed to keep the quota for next year and approve the country's manufacturing capacity assessment mechanism, which is expected to help set a quota for 2027.
The temporary suspension of production increases shows OPEC's caution after a period of rapid supply recovery this year, but still leaves the world market in a significant surplus by early 2026, which is likely to continue to create downward pressure. Oil futures have fallen about 15% since the start of the year.
The International Energy Agency (IEA) forecasts a record surplus by 2026, while Goldman Sachs and JPMorgan both predict oil prices will continue to fall.
Meanwhile, China's manufacturing activity recorded improvement but was still in the downward zone in November, extending the downward trend to record levels as the economy continued to stagnate, according to data released on Sunday.
The official manufacturing PMI reached 49.2, below the threshold of 50 for determining increase - decrease, the eighth consecutive month. The forecast for the neutral position of economists surveyed by Bloomberg is 49.4. The non-production index including construction and services reached 49.5, after rising slightly to 50.1 in October.
This is the first time this index has fallen into decline in nearly three years, due to weak operations in the real estate and residential services sectors. "The figures show an early picture of the world's second-largest economy in November, after months of fluctuations in global trade," Bloomberg said.
