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Gold Expert
Gold and silver opened Friday a touch softer as markets wait on September nonfarm payrolls, with a firm dollar and still-high Treasury yields keeping a lid on bullion. Platinum slipped; palladium bounced after Thursday’s slide.
Spot Summary (Intraday)
| Fri Oct 2, 2026 | Gold (USD/oz) | Silver (USD/oz) | Platinum (USD/oz) | Palladium (USD/oz) |
|---|---|---|---|---|
| Prior close (Thu.) | $4,177.25 | $60.99 | $1,727.30 | $1,184.75 |
| Open | $4,177.25 | $60.99 | $1,727.30 | $1,184.75 |
| Latest (intraday, ~3:31 AM PT) | $4,171.61 | $60.95 | $1,720.82 | $1,195.53 |
| Day's high so far | $4,196.84 | $61.56 | $1,743.54 | $1,196.95 |
| Day's low so far | $4,134.05 | $60.21 | $1,710.19 | $1,164.27 |
| $ change | −$5.64 | −$0.05 | −$6.48 | +$10.78 |
| % change | −0.14% | −0.07% | −0.38% | +0.91% |
| Gold/silver ratio | ~68.4 |
Source: Investing.com spot quotes as of about 3:31 AM PT (6:31 AM ET), cross-checked against Trading Economics. Investing.com's spot feed uses the prior close as the open. Feeds differ slightly.
Move Since Our Last Report (Thu., Oct. 1)
In Thursday’s early report, gold was near $4,165, silver near $60.66, platinum near $1,714, and palladium near $1,186. Into Friday’s open, gold and silver are little changed on the week’s early tape, platinum is a bit firmer than Thursday morning, and palladium has clawed back some of Thursday’s decline. Gold remains on track for a second weekly drop of more than 3%, per market reports citing COMEX-related tape (COMEX Live / Investing.com).
What's Moving Metals Today
Payrolls day. September nonfarm payrolls are due at 8:30 AM ET (consensus near 89,000; unemployment 4.1%, Investing.com). Hotter jobs data could firm rate-hike bets and weigh further on non-yielding bullion; a softer print could ease that pressure.
Dollar and yields still the headwind. The U.S. 10-year Treasury yield briefly climbed to about 5.34% on Thursday—its highest since 2002—before easing toward about 5.25% on Friday, Investing.com reported. The dollar index remains near a multi-month high and is on track for a roughly 1% weekly gain, making dollar-priced metals more expensive for overseas buyers.
October hike odds cooled after PCE. Wednesday’s softer August PCE (headline 0.3% month over month; 3.4% year over year) cut October hike odds toward roughly the mid-20% to high-30% range, while December odds remain elevated (CME FedWatch via Investing.com / Trading Economics / COMEX Live). Minneapolis Fed President Neel Kashkari said it is still unclear how high rates need to go to cool inflation (Trading Economics).
Oil and the Gulf. Higher oil prices tied to Middle East escalation risk—including reports the U.S. is weighing more regional force posture—are feeding inflation and rate concerns that can pressure gold and silver even as geopolitics can support safe-haven demand (Trading Economics).
What the Big Banks Expect
Dated published views from top-ten banks (their forecasts, not ours). Several predate this week’s tape; we note fresh updates where available.
- J.P. Morgan (updated 2026 outlook): Cut its 2026 average gold forecast to $5,243/oz from $5,708, while still seeing gold averaging about $6,000/oz in Q4 2026 (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).
- Morgan Stanley (this week / CNBC): Still constructive on a 12-month view; sees $4,000 as a strong floor after the years slide, citing central-bank buying, potential yield relief, and geopolitics (Yahoo Finance / CNBC coverage of Morgan Stanley).
- HSBC (July 9): Expects a $3,800–$4,700 range for the rest of 2026 and a year-end price of $4,750 (Reuters).
- Bank of America (July 7): Forecasts a 2026 average of $4,360 but sees $5,000 in 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 three to four Fed hikes could drag gold toward $3,800 (Yahoo Finance citing Deutsche Bank).
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 resume (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 (Fri., Oct. 2), 8:30 AM ET: September nonfarm payrolls (~89,000 consensus), unemployment (4.1%), average hourly earnings (Investing.com).
- Also today: U.S. factory orders (August); Fed speakers; Baker Hughes rig counts.
- Oct. 14: September CPI.
- Oct. 27–28: next FOMC meeting.
- Oil and the Gulf: energy prices and ceasefire / escalation headlines continue to shape inflation and rate bets.
FAQ
Why is gold soft even after softer inflation?
Softer PCE cooled October hike odds, but a firm dollar and still-elevated Treasury yields raise the opportunity cost of holding bullion. Payrolls are the next big test.
What is the gold/silver ratio right now?
About 68.4 intraday, meaning one ounce of gold buys roughly 68 ounces of silver.
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.
