Daily News Nuggets | Today’s top stories for gold and silver investors
November 20th, 2025
As of 10:30 am EST:
- Gold prices are even (+0.1%) around $4,084 per ounce
- Silver is down slightly (-0.4%), at $51.20 per ounce
September Jobs Report: Better Than Expected, But Questions Remain
The long-delayed September jobs report was released this morning, showing employers added 119,000 positions—more than double the 50,000 economists had expected. The unemployment rate rose to 4.4% from 4.3%, and revised data showed August was weaker than initially reported, with the economy shedding about 4,000 jobs that month. Hiring was strongest in health care and hospitality, while manufacturing and warehouse employment declined. Labor force participation ticked up to 62.4%, the highest in seven months.
This report gives policymakers the last full snapshot of the labor market before the Fed’s December meeting, though its immediate market impact appears limited. Traders have scaled back expectations for another rate cut, and with October data missing due to the shutdown, officials will lack a fresh, comprehensive read until mid-December. The mixed nature of the report has left Fed officials divided on the appropriate path for monetary policy.
Fed’s Hammack Warns Against More Rate Cuts
Cleveland Fed President Beth Hammack dampened hopes for a December rate cut, warning that cutting rates now could “prolong this period of elevated inflation” and encourage excessive risk-taking in financial markets. In a Thursday speech, Hammack—who opposed the Fed’s October cut—said monetary policy is “barely restrictive, if at all,” and urged a cautious approach that leans against inflation rather than rushing to support the labor market.
Hammack noted that financial conditions remain quite accommodative, with equity markets near highs and credit flowing easily. Her comments add to a growing group of Fed officials pushing back against aggressive easing and help explain why markets have sharply reduced the odds of a December cut.
Small Businesses Point to Inflation as Top Concern
Inflation is the top worry for America’s small businesses, according to a new Bank of America survey. Seven in ten business owners cited price pressures as their primary concern heading into next year. The survey found that 77% of small businesses reported cost increases averaging 18% over the past year, prompting 64% to raise their own prices. Nearly 40% have had to reassess cash flow and spending plans.
Despite the pressure from rising costs, optimism persists. About three-quarters of respondents expect a positive outlook for the year ahead, and most plan to grow or hire. That mix—stubborn inflation alongside cautious expansion—mirrors the Fed’s dilemma. With CPI running near 3%, well above the Fed’s 2% target, policymakers must weigh whether to cut rates or maintain restraint.
Gold Pressured as Rate Cut Hopes Fade
Gold slipped below $4,070 today as the dollar strengthened and traders pulled back on bets for a Fed rate cut next month. Spot prices fell as much as 1% before settling around $4,066 per ounce, pressured by a firmer greenback that raises the cost for overseas buyers. Fed minutes released midweek showed policymakers remain concerned about inflation risks, reducing expectations for easing in December.
Market odds for a rate reduction have dropped sharply, with probabilities near one-third for next month versus much higher levels a week ago. The absence of October jobs data, because of the government shutdown, leaves the Fed with less information ahead of its December meeting. Still, some institutions remain bullish on gold over a longer horizon, anticipating that cuts could resume and support higher prices in mid-2026.
African Rainbow Eyes $5 Billion Copper Bet
South African miner African Rainbow Minerals is evaluating a major copper venture in Papua New Guinea with U.S. miner Newmont, a potential deal that could require $4 billion to $5 billion in investment. Chairman Patrice Motsepe said the company has significant financial resources—roughly $750 million in cash plus about $400 million in available credit—to pursue the opportunity.
The proposal reflects ARM’s strategic shift toward copper, a metal in growing demand as global electrification advances. Papua New Guinea hosts some of the world’s richest copper deposits, making it an attractive target for miners betting on long-term supply constraints. The project is still in the evaluation stage, but if it proceeds it would rank among the largest recent foreign investments in PNG and strengthen ARM’s role in critical minerals.