Metals shine bright again to close the Month – North American session Market Wrap for November 28

[Ben Graham]

Log in to today's North American session Market wrap for November 28

Traders came back from their Thanksgiving break, and they came back with envy.

While Stocks rose throughout the globe in muted fashion, Metals shook Markets again.

Up between 1.30% (to $4,200) for Gold and to 6.50% (!) for Silver, all industrial and precious metals have shined strong in what feels like the beginning of another Debasement Trade wave.

The culprits? A weaker dollar and increasingly more dovish December 10 FOMC pricing (finishing the week priced at 87.5%). They have been late bloomers of the recent pricing, but the way they all rose today was spectacular.

Silver is closing around $57, a new all-time high record, while Platinum gets on the race to tie its yearly record – The moves seem to have been exacerbated by sharp Month-End flows.

Energy commodities however took a significant hit towards the afternoon, as Markets received the news from Victor Orban, Hungarian PM, promising that he would keep buying Russian oil, sending WTI and Brent in a N-Shaped (for nope) sharp action lower.

Read More:

• The Week Ahead of the December FOMC – Markets Weekly Outlook
• Can Platinum catch up to Gold? Platinum (XPT/USD) Price Forecast
• The Debasement trade is back! – Silver breaks another All-time High

Cross-Assets Daily Performance

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Cross-Asset Daily Performance, November 28, 2025 – Source: TradingView

The session was shortened by many key Market closures in the US.

Still, the theme revolved around Metal outperformance, Oil's brutal chute and decent risk-asset performance to wrap up a rough month.

A picture of today's performance for major currencies

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Currency Performance, November 28 – Source: OANDA Labs

Another low volatility session for FX Markets – With the US closing early it's not too big of a surprise.

Still, keep an eye on the Canadian Dollar after they released a considerable beat on their GDP data this morning.

Next week will Definitely be more active, with a flurry of Economic data releasing (and also being the final week to the December FOMC!)

A look at Economic data releasing throughout this weekend and Monday's sessions

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For all market-moving economic releases and events, see the MarketPulse Economic Calendar.

The week is technically over, but the weekend carries heavy weight for APAC traders, who will have to monitor the Asian giants before markets reopen.

Saturday night turns the eyes towards China, with the release of the NBS Manufacturing & Non-Manufacturing PMIs (21:30 ET). These figures are critical for gauging the health of the world's second-largest economy and will likely set the tone for the AUD at the Sunday open.

Sunday evening brings the main event for the Yen: BoJ Governor Ueda is scheduled to speak at 21:05 ET. Following the recent hot inflation data, markets will hang on his every word for hints of a December rate hike.

Monday's session kicks off December with a bang, starting with the European Manufacturing PMIs (04:55 A.M. ET) to check the pulse of the Eurozone factory sector.

The US Session will be dominated by heavy hitters, quenching the thirst for volatility immediately: The day effectively starts at 09:00 A.M. ET with a speech from Fed Chair Powell – But with the Fed in Blackout, nothing much is expected to be heard.

This is followed by the heavy-influence ISM Manufacturing PMI at 11:00 A.M. ET. Traders will look closely at the Employment and Prices Paid sub-indices to see if inflation is re-accelerating in the goods sector.

Canadian Manufacturing PMI (10:30 A.M.) will also be in the mix.

Monday evening puts the focus back on the Aussie with Building Permits (20:30 ET) to wrap up the first day of the month.

Safe Trades and enjoy your weekend!

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