The PRICE of GOLD rebounded above $4300 per ounce in London trading on Monday, reversing its steepest ever Dollars-per-ounce plunge as silver marked India's Diwali festival by also halving Friday's drop from its own new record highs, while platinum and palladium bounced as well.

Global stock markets extend last week's rally, shrugging off a DNS outage at Amazon's AWS cloud services which took down many major apps and sites including Snapchat, Coinbase and Zoom.

Bitcoin also rose, cutting its 2-week plunge to 11.3%, as stronger-than-expected economic data from China followed US President Trump's announcement that he will meet Beijing's Communist Party chairman and leader Xi Jinping at the end of this month amid the worsening US-China trade war.

"With the news of easing geopolitical tensions and Trump's softening attitude towards Sino-US trade, the precious metals market saw rapid profit-taking," says metals analyst Zhan Dapeng at Chinese brokerage Everbright Securities.

Shanghai gold prices sank today by 2.6% from Friday's finish, snapping a 5-day run of fresh record highs in China, the precious metal's No.1 consumer market.

That put Shanghai gold almost $14 per Troy ounce below London quotes after reaching parity on Friday for the first time in 6 weeks.

Gold prices in India meantime held near last week's record highs as Diwali marked the culmination of the autumn's gold-buying festive season. But wholesale prices trimmed their premium to London quotes, easing back from Friday's 10-year peak of $25 per ounce, reached as Asian consumers switch high-margin jewellery for more cost-efficient investment bars and coin.
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"The ongoing price rally is boosting investor interest in gold," Reuters quotes one Mumbai wholesaler, "even as jewellery demand remains weak."

Typically showing a premium of more than $7 per ounce, Shanghai gold has now averaged a discount to London prices of $25 since 9th October, when Chinese trading re-opened from the National Day holidays.

China today reported stronger-than-expected economic growth for July-to-September, albeit the weakest in a year at 4.8%, thanks to a marked rise in industrial output.

Real estate investment fell 13.9%, while fixed-asset investment − such as factories and machinery − dropped 0.5% year-to-date versus 2024.

With US regional banking shares extending Friday's rally today after lenders Western Alliance and Zions Bank said they'd been hit by fraudulent loans, last week's price surge in gold and silver − both gaining over 6% in Dollar terms − was "less about US financial instability fears and more about overheated market sentiment," says a note from strategist Nicky Shiels at Swiss bullion refining and finance group MKS Pamp.

"Gold and silver certainly partook in the 'buy everything' bubble as they are liquidity sponges [now in need of an] overdue retracement."

Gold today regained almost $75 of Friday's record $190 per ounce plunge from fresh record highs, trading at $4327 before retreating to $4310.

Silver meantime jumped by $1 to hit $52.76 per ounce, before dropping 60 cents to trade 4.3% below Friday morning's new all-time high.

New York silver futures continued trading below London spot, with the December Comex contract showing a discount of $1 per ounce.

"This atypical premium would normally be closed out by arbitrage," says Rob Padden at Japanese conglomerate Mitsubishi's precious metals division, with the backwardation in silver prices sucking bullion across the Atlantic to enjoy London's higher prices.

"However, uncertainties surrounding silver's position regarding the US critical minerals list" − perhaps resulting in additional trade tariffs − have forestalled that process."

Platinum's solid price gains in 2025, now up 79.5% year-to-date to $1621 on Monday, continues to be underpinned by "tight supply combined with strong industrial demand, creating an element of scarcity," Padden says.

Palladium prices have meantime increased by 25% since US-based miner Sibanye Stillwater and the United Steelworkers Union filed antidumping petitions against Russian imports at the end of July, notes the mining-backed World Platinum Investment Council.

Trading 62.3% higher for 2025 so far on Monday at $1480 − but also sharply lower from last week's spike together with gold, silver and platinum − palladium's bull market has shown "a marked acceleration following the release of the US Geological Survey’s report assessing commodity supply chain disruptions," says WPIC, "in combination with a broader rally in precious metals within a ‘debasement’ trade."

"Putin will destroy you!" US President Trump allegedly told President Zelenskyy in a "shouting match" at the White House on Friday, reportedly throwing maps at Ukraine's leader as US officials told him to accept Russia's terms for ending its war of invasion.

Both Hamas and Israel meantime accused each other of breaking the ceasefire deal brokered by Trump, with the Palestinian authorities saying that the IDF has now killed almost 100 people since the deal came into effect 10 days ago.