Bond Market Overview - Bond yields are rising despite weaker-than-expected economic data, particularly in the service sector [1][2] - Two-year and 10-year yields are up several basis points during the session, but down about eight basis points for the week [3] Economic Data Impact - The disappointing service sector data raised questions about both sides of the Federal Reserve's mandate, particularly regarding the labor market [2] - Prices paid in the service sector showed a slight increase, which is not favorable for inflation control [1] Technical Analysis - The NASDAQ index is showing a higher high and a lower low compared to the previous day, indicating potential volatility [4] - A close below the previous day's low could signal a key reversal from all-time highs, which would be technically significant and potentially bearish [4]

Core Viewpoint - The recent fluctuations in gold and silver prices are attributed to profit-taking after reaching historical highs, alongside the impact of a rising U.S. dollar index and falling oil prices [1]. Market Performance - The most actively traded gold futures for December 2025 closed at $3,880.80 per ounce, reflecting a decline of 0.43% [1]. - Silver futures for December delivery settled at $46.87 per ounce, down 1.70% [1]. Economic Context - The U.S. government shutdown has entered its second day, with significant implications including the suspension of $18 billion in infrastructure funding and potential layoffs of thousands of federal workers [1]. - Economists warn that large-scale layoffs could undermine corporate confidence and reduce capital investment, contributing to market risk aversion [1]. Investment Outlook - Despite a year-to-date increase of over 40% in gold prices, analysts believe gold still offers substantial value as it is viewed as the only asset capable of maintaining purchasing power [1]. - There is a bullish sentiment for gold in the last quarter of 2025, with potential prices reaching $4,000 per ounce [1].