Published by
Gold Expert
Precious metals are mixed and mostly steady on Monday as oil prices climb on fresh Middle East attacks and investors wait for this week’s U.S. inflation reports. COMEX gold futures are down about 0.3% and silver about 0.2%, while platinum is up about 0.2% and palladium about 0.6%. Copper is the standout, up about 1.2% and moving toward its record high after new supply disruptions in Chile. U.S. Treasury cash markets are closed today for the Columbus Day holiday, though futures are trading.
Metals Prices
| Mon Oct 12, 2026 | Gold (USD/oz) | Silver (USD/oz) | Platinum (USD/oz) | Palladium (USD/oz) | COMEX copper, $/lb |
|---|---|---|---|---|---|
| Prior close (Fri.) | $4,216.30 | $60.82 | $1,689.50 | $1,152.15 | $6.692 |
| Latest (intraday, ~3:33 AM PT) | $4,203.37 | $60.71 | $1,692.72 | $1,158.64 | $6.771 |
| Day's high so far | $4,242.20 | $61.46 | $1,710.00 | $1,167.95 | $6.781 |
| Day's low so far | $4,193.09 | $60.48 | $1,680.85 | $1,148.70 | $6.694 |
| $ change | −$12.93 | −$0.12 | +$3.22 | +$6.49 | +$0.079 |
| % change | −0.31% | −0.19% | +0.19% | +0.56% | +1.18% |
| Gold/silver ratio | ~68.8 |
Gold: COMEX gold December 2026 futures (GCZ6), USD per troy ounce, via Investing.com as of about 3:33 AM PT (6:33 AM ET). Silver, platinum and palladium: Investing.com spot quotes as of about 3:33 AM PT (6:33 AM ET), cross-checked against Trading Economics. The gold/silver ratio uses spot gold (about $4,179) and spot silver. Feeds differ slightly.
Copper is an industrial metal, shown for context only: COMEX high-grade copper December 2026 futures (HGZ6), USD per pound, via Investing.com as of about 3:30 AM PT (6:30 AM ET); prior close is Friday’s (Oct. 9) close.
Move Since Our Last Report (Fri., Oct. 9)
In Friday’s early report, COMEX gold futures were near $4,208, silver near $60.31, platinum near $1,682, palladium near $1,158, and copper near $6.67 a pound. Metals kept climbing through Friday’s session, with December gold settling near $4,216, before easing a little this morning. Gold futures are now about $4 below Friday’s early level, and spot gold is near $4,179 versus about $4,184 on Friday. Silver is about $0.40 higher at $60.71, platinum is about $11 higher, and palladium is roughly unchanged. COMEX copper has gained about $0.10 since Friday morning to near $6.77.
What's Moving Metals Today
Oil climbs on new Middle East attacks. U.S. crude is trading near $92.5 a barrel, up about 0.8%, and Brent is near $105.5, up about 0.7% and at its highest in more than two weeks. Saudi Arabia’s main airport was attacked again on Sunday by Iran-backed Houthi militants, and another tanker was targeted in the Strait of Hormuz (Trading Economics). That followed Friday’s relief, when President Trump said Russia had agreed to supply diesel to global markets and that Russia and Ukraine had agreed to an “energy ceasefire.” Gold rose for two straight sessions on that easing in oil, but higher oil this morning revives inflation worries.
Inflation week and the Fed. The September consumer price index is due Wednesday and producer prices Thursday. Markets price about an 83% chance the Fed holds rates this month and about an 86% chance of a hike in December (Trading Economics). A hot inflation print could add pressure on non-yielding metals by pushing rate-hike odds higher.
The dollar is firm and Treasury cash markets are shut. The dollar index is near 102.4, up about 0.2% and holding above 102 after four straight weekly gains. The 10-year Treasury yield ended last week near 5.24%–5.26%, about 5 basis points lower for the week; the Treasury cash market is closed today for the holiday (Trading Economics).
Platinum and palladium edge higher. Platinum is near $1,693, holding its rebound from a recent nine-week low. On the supply side, a state-owned firm in Zimbabwe, which holds the world’s third-largest platinum-group metal reserves, plans to develop a mining project in Darwendale next year. The World Platinum Investment Council still forecasts a 2026 platinum surplus (Trading Economics). Palladium is up about 0.6% near $1,159 but remains close to its 52-week low.
Copper nears a record. COMEX copper is near $6.77 a pound, not far from its 52-week high near $6.93. In Chile, the world’s top producer, two workers died on Sunday after an avalanche struck Codelco’s El Teniente mine, where open-pit operations had already been suspended for weather, and a strike at Antofagasta’s Centinela mine is expected to cut output in the second half of October. Demand tied to data centers, semiconductors and battery storage remains a support (Trading Economics).
What the Big Banks Expect
Dated published views from top-ten banks (their forecasts, not ours). Several predate the latest moves.
- HSBC (Oct. 1): Cut its 2026 average gold forecast to $4,490 from $4,560 and its 2027 average to $4,825. It said gold could face further near-term pressure but is likely nearing a bottom (Reuters).
- J.P. Morgan (2026 outlook): Still sees gold averaging about $6,000/oz in Q4 2026, rising toward $6,300/oz by the end of 2027, while warning that a Fed hiking cycle is the biggest bearish risk (J.P. Morgan Global Research).
- Goldman Sachs (Sept. 18): Cut its end-2026 gold fair-value estimate to $4,650 from $4,900 but kept $5,400 for end-2027 (Investing.com).
- UBS (Sept. 17): Sees gold at $4,600 by December, $5,000 by March 2027 and $5,400 by September 2027 (Investing.com). UBS also forecasts a palladium market surplus as weaker automotive demand more than offsets lower mine output in South Africa and Russia (Trading Economics).
- Morgan Stanley (late Sept. / CNBC): Still constructive on a 12-month view and sees $4,000 as a strong floor after the year’s slide, citing central-bank buying, potential yield relief and geopolitics (CNBC coverage of Morgan Stanley).
- Bank of America (July 7): Forecasts a 2026 average of $4,360 but sees $5,000 within reach once Fed tightening ends (Reuters).
- Citi (Aug. 12): Silver targets of $75 over 0–3 months and $90 over 6–12 months (Investing.com).
- Deutsche Bank (June): Analyst Michael Hsueh warned that three to four Fed hikes could drag gold toward $3,800 (Deutsche Bank, via financial press).
What Major Refiners See
Dated outlooks from major refiners (their views, not ours):
- Heraeus (2026 forecast): Gold $3,750–$5,000/oz; silver $43–$62/oz; platinum $1,300–$1,800/oz; palladium $950–$1,500/oz, with consolidation early in 2026 before a possible gold-led resumption (Heraeus Precious Metals).
- MKS PAMP (Jan. 2026 outlook): Base-case 2026 averages of gold $4,500, silver $65, platinum $2,000 and palladium $1,900/oz (MKS PAMP).
- Johnson Matthey (May 14, 2026 PGM report): Platinum expected to remain in deficit in 2026; palladium could record a small surplus as auto demand softens (Johnson Matthey).
What to Watch
- Today (Mon., Oct. 12): Columbus Day; U.S. Treasury cash markets closed while futures trade. IMF meetings continue.
- Tue., Oct. 13: NFIB small business optimism, existing home sales, the OPEC monthly report, and remarks from Fed Governor Waller, Richmond Fed President Barkin and Boston Fed President Collins (Investing.com calendar).
- Wed., Oct. 14: September CPI.
- Thu., Oct. 15: September PPI; IEA meeting on diesel supplies.
- Oct. 27–28: next FOMC meeting.
FAQ
Why is copper rising while gold slips?
Copper is reacting to supply problems in Chile, including a deadly avalanche at Codelco’s El Teniente mine and a strike at Antofagasta’s Centinela mine. Gold is easing slightly as oil rebounds and investors wait for Wednesday’s CPI, which could shift Fed rate-hike odds.
What is the gold/silver ratio right now?
About 68.8 intraday on spot prices, meaning one ounce of gold buys roughly 69 ounces of silver. That is slightly lower than about 69.4 early Friday as silver has held its gains.
Why is gold quoted as a futures price?
We use the most-active COMEX gold futures contract (December 2026, GCZ6) as our gold benchmark. Futures usually trade a little above spot; spot gold is about $4,179 this morning.
Why is copper in the price table?
Copper is an industrial metal, not a precious metal. We show the COMEX copper futures price for context on industrial demand and the broader economy.
Is the spot price what I'll pay for coins and bars?
No. Spot is the wholesale benchmark; physical products carry a premium over it.
Shop or Sell at Camino Coin Company
Buying or selling? Browse gold bars, silver bullion, platinum, palladium, U.S. silver coins and silver rounds, or see how to sell to us. Visit our Menlo Park store at 846 Santa Cruz Avenue, Menlo Park, CA 94025 (Monday–Friday, 8:30 a.m.–4 p.m.), call 650-348-3000, or toll-free 800-348-8001.
This article is for informational purposes only and is not financial advice. Prices change constantly. Forecasts are third-party opinions, not guarantees. Consult a qualified advisor before investing.
