Published by
Gold Expert
Precious metals are softer this morning as investors wait for today’s September U.S. consumer price index. COMEX gold futures are down about 0.3%, silver is down about 1.1%, and platinum is down about 0.7%, while palladium is up about 0.8%. Copper is little changed, up about 0.1%. Oil is higher on Middle East tensions, and markets are focused on whether inflation will push Fed rate-hike odds higher.
Metals Prices
| Wed Oct 14, 2026 | Gold (USD/oz) | Silver (USD/oz) | Platinum (USD/oz) | Palladium (USD/oz) | COMEX copper, $/lb |
|---|---|---|---|---|---|
| Prior close (Tue.) | $4,177.30 | $59.17 | $1,665.80 | $1,127.40 | $6.726 |
| Latest (intraday, ~3:36 AM PT) | $4,164.07 | $58.53 | $1,654.70 | $1,135.90 | $6.736 |
| Day's high so far | $4,193.15 | $59.37 | $1,669.39 | $1,140.40 | $6.789 |
| Day's low so far | $4,162.65 | $58.42 | $1,646.79 | $1,119.70 | $6.705 |
| $ change | −$13.23 | −$0.64 | −$11.10 | +$8.50 | +$0.010 |
| % change | −0.32% | −1.09% | −0.67% | +0.75% | +0.14% |
| Gold/silver ratio | ~70.8 |
Gold: COMEX gold December 2026 futures (GCZ6), USD per troy ounce, via Investing.com as of about 3:36 AM PT (6:36 AM ET). Silver, platinum and palladium: Investing.com spot quotes as of about 3:36 AM PT (6:36 AM ET), cross-checked against Trading Economics. The gold/silver ratio uses spot gold (about $4,144) 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 3:33 AM PT (6:33 AM ET); prior close is Tuesday’s (Oct. 13) close.
Move Since Our Last Report (Tue., Oct. 13)
In Tuesday’s early read, COMEX gold futures were near $4,206, silver near $60.39, platinum near $1,701, palladium near $1,149, and copper near $6.77 a pound. Metals have given back those overnight gains. Gold futures are now about $42 below Tuesday’s early level near $4,164, and spot gold is near $4,144 versus about $4,182 on Tuesday. Silver is about $1.86 lower at $58.53, platinum is about $46 lower, and palladium is about $13 lower. COMEX copper is roughly $0.03 softer near $6.74.
What's Moving Metals Today
CPI day and the Fed. September consumer prices are due today. Consensus looks for CPI up 0.6% month over month and 3.6% year over year, with core CPI at 0.2% month over month and 2.5% year over year (Investing.com calendar; actuals not yet released at our pull). Markets price about a 77% chance the Fed holds rates this month and about an 88% chance of a hike in December (Trading Economics). New York Fed President John Williams said one additional rate hike may be warranted this year, but further tightening is unlikely to be necessary in 2027 (Trading Economics). A hot print could add pressure on non-yielding metals.
Oil climbs on Middle East tensions. U.S. crude is trading near $95.1 a barrel, up about 1.1%, and Brent is near $106.6, up about 0.7% (Trading Economics). Escalating hostilities between Saudi Arabia and Iran-backed Houthi rebels keep supply-disruption worries in focus and revive inflation concerns ahead of CPI.
The dollar is steady and yields ease slightly. The dollar index is near 102.2, little changed after recent weekly gains. The 10-year Treasury yield is near 5.21%, about 2 basis points lower on the session (Trading Economics).
Silver leads the soft tone; palladium holds a gain. Silver is down about 1.1% near $58.53 after declining for two consecutive sessions as investors wait on inflation data (Trading Economics). Platinum is near $1,655, down about 0.7%. Palladium is the exception among the precious metals, up about 0.8% near $1,136 but still close to its recent lows.
Copper is little changed. COMEX copper is near $6.74 a pound, up about 0.1% and still not far from its 52-week high near $6.93. Demand tied to data centers, semiconductors and battery storage remains a longer-term support, while Chile supply headlines from earlier in the week are still in the background (Trading Economics; Investing.com).
IMF flags growth risks. Separately, the IMF warned of significant risks to global growth and financial stability from a potential end to the AI investment boom, mounting debt levels, and a prolonged Middle East conflict (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 (Wed., Oct. 14): September CPI; Beige Book; remarks from FOMC members Bowman and Barkin; IEA monthly report; MBA mortgage data (Investing.com calendar).
- Thu., Oct. 15: September PPI; retail sales; initial jobless claims; NY Empire State and Philadelphia Fed manufacturing indexes; Fed Chair Warsh speaks (Investing.com calendar).
- Oct. 27–28: next FOMC meeting.
FAQ
Why are metals soft ahead of CPI?
Investors are waiting for September inflation for clues on whether the Fed will hold this month or hike later. Markets price about a 77% chance of a hold this month and about an 88% chance of a December hike. A hotter-than-expected print could pressure non-yielding metals.
What is the gold/silver ratio right now?
About 70.8 intraday on spot prices, meaning one ounce of gold buys roughly 71 ounces of silver. That is higher than about 69.3 on Tuesday’s early read as silver has fallen faster than gold.
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 $4,144 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.
