Precious Metals Weekly Analysis

Gold prices rose last week from USD $2,643 to $2,697/oz, and silver increased from $31.50 to $32.60, driven primarily by geopolitical uncertainties following Assad's departure from Syria, which boosted gold's safe-haven appeal.

Conversely, global gold ETFs saw $2.1 billion in outflows in November, with European ETFs accounting for most of the decline. The North American ETF market did experience inflows of $79 million. Despite the net outflow, global liquidity in the gold market remains solid.

These mixed trends reflect short-term uncertainties supporting prices, while broader market pressures have been weighing on demand.