CME Group Micro Gold, Silver and Copper Products Update - November 2026

Highlights

Notwithstanding sustained long-term tailwinds – including geopolitical instability and heightened concerns regarding currency debasement – gold failed to maintain critical support at $4,000 per ounce. The asset declined by 6.9% month-over-month, concluding October 2026 at $3,898.9 per ounce. Persistent inflationary pressures, alongside a hawkish stance by the Federal Reserve, reinforced expectations of a prolonged high-interest-rate environment. Furthermore, a strengthening U.S. dollar and escalating energy costs placed additional downward pressure on valuation.
Compounding the headwinds exerted by gold's retrenchment, silver prices were adversely impacted by a broader selloff in technology and artificial intelligence equities. Prices decreased by 18.6% month-over-month to settle at $49.28 per ounce, representing the contract's initial closure below the $50 per ounce threshold in 2026.
As an essential component for data center infrastructure and electrical grid expansion, copper similarly experienced downward pressure resulting from the technology sector contraction and U.S. dollar appreciation. Active Copper futures ended October down 2.1% month-over-month at $6.4820 per pound. However, escalating supply-side constraints served to mitigate broader losses.
Robust and sustained liquidity across our smaller-sized contracts offers market participants an effective mechanism for risk mitigation, including during weekend trading sessions:
- Year-to-date 2026 average daily volume (ADV) and average daily open interest (ADOI) for Micro Gold, Silver and Copper futures maintained historical highs, reaching 550,235 contracts and 104,476 contracts, respectively; and
- Market participants are now enabled to access liquidity in 1-Ounce Gold (1OZ) futures and 100-Ounce Silver (SIC) futures over weekends following our transition to continuous 24/7 operations across select markets.

Micro Gold (MGC), Micro Silver (SIL) and Micro Copper (MHG) Futures Update

MGC, SIL and MHG price movement and daily range (expressed in terms of one lot notional)

*Intraday price movement is expressed as the difference between the daily high price and the daily low price multiplied by the contract notional in troy ounce (MGC and SIL) and pounds (MHG).

Options Heatmap (Change in OI from October 1st to October 30th, 2026)

View current open interest and changes in volume and OI by strike, put or call, and expiration.

Key Economic Events in November/December 2026:

Key Economic Event	ET	GMT / BST	SGT / HKT
RatingDog Manufacturing PMI	Nov 1, 8.45 p.m.	Nov 2, 1.45 a.m.	Nov 2, 9.45 a.m.
U.S. ISM Manufacturing PMI	Nov 2, 9.00 a.m.	Nov 2, 2.00 p.m.	Nov 2, 10.00 p.m.
U.S. Midterm Elections	Nov 3	N/A	N/A
U.S. Non Farm Payrolls	Nov 6, 8.30 a.m.	Nov 6, 1.30 p.m.	Nov 6, 9.30 p.m.
China Inflation Rate YoY	Nov 8, 8.30 p.m.	Nov 9, 1.30 a.m.	Nov 9, 9.30 a.m.
China Balance of Trade	Nov 9, 10.00 p.m.	Nov 10, 3.00 a.m.	Nov 10, 11.00 a.m.
U.S. Inflation Numbers	Nov 10, 8.30 a.m.	Nov 10, 1.30 p.m.	Nov 10, 9.30 p.m.
China Industrial Production YoY	Nov 15, 9.00 p.m.	Nov 16, 2.00 a.m.	Nov 16, 10.00 a.m.
FOMC Minutes	Nov 18, 2.00 p.m.	Nov 18, 7.00 p.m.	Nov 19, 3.00 a.m.
U.S. Core PCE Price Index	Nov 25, 8.30 a.m.	Nov 25, 1.30 p.m.	Nov 25, 9.30 p.m.
China NBS Manufacturing PMI	Nov 29, 8.30 p.m.	Nov 30, 1.30 a.m.	Nov 30, 9.30 a.m.
RatingDog Manufacturing PMI	Nov 30, 8.45 p.m.	Dec 1, 1.45 a.m.	Dec 1, 9.45 a.m.
U.S. ISM Manufacturing PMI	Dec 1, 10.00 a.m.	Dec 1, 3.00 p.m.	Dec 1, 11.00 p.m.
U.S. Non Farm Payrolls	Dec 4, 8.30 a.m.	Dec 4, 1.30 p.m.	Dec 4, 9.30 p.m.
China Balance of Trade	Dec 7, 10.00 p.m.	Dec 8, 3.00 a.m.	Dec 8, 11.00 a.m.
China Inflation Rate YoY	Dec 8, 8.30 p.m.	Dec 9, 1.30 a.m.	Dec 9, 9.30 a.m.
Fed Interest Rate Decision, Fed Economic Projections, Fed Press Conference and FOMC Statement	Dec 9, 2.00 p.m.	Dec 9, 7.00 p.m.	Dec 10, 3.00 a.m.
U.S. Inflation Numbers	Dec 10, 8.30 a.m.	Dec 10, 1.30 p.m.	Dec 10, 9.30 p.m.
China Industrial Production YoY	Dec 14, 9.00 p.m.	Dec 15, 2.00 a.m.	Dec 15, 10.00 a.m.
U.S. Core PCE Price Index	Dec 23, 8.30 a.m.	Dec 23, 1.30 p.m.	Dec 23, 9.30 p.m.
FOMC Minutes	Dec 30, 2.00 p.m.	Dec 30, 7.00 p.m.	Dec 31, 3.00 a.m.
China NBS Manufacturing PMI	Dec 30, 8.30 p.m.	Dec 31, 1.30 a.m.	Dec 31, 9.30 a.m.

Source: CME Group, QuikStrike

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