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Gold Expert
Precious metals are extending this week’s slide as a selloff in technology and artificial intelligence stocks pushes traders to sell metals to cover losses elsewhere. COMEX gold futures are down about 0.6% near $4,038, after trading as low as about $4,001 overnight. Silver is down about 1.3% near $53.89, platinum is roughly flat near $1,565 and palladium is down about 0.4% near $1,051. Copper is the exception, up about 0.8% near $6.45 a pound. Most of the damage came on Thursday: spot gold is roughly unchanged this morning after closing near $4,024, down from about $4,141 on Wednesday. Oil is back above $100 a barrel, while the 10-year Treasury yield has eased to about 4.97% and the dollar index is near 101.6.
Metals Prices
| Fri Oct 23, 2026 | Gold (USD/oz) | Silver (USD/oz) | Platinum (USD/oz) | Palladium (USD/oz) | COMEX copper, $/lb |
|---|---|---|---|---|---|
| Prior close (Thu.) | $4,060.40 | $54.60 | $1,567.20 | $1,055.20 | $6.398 |
| Latest (early, ~3:31 AM PT) | $4,037.97 | $53.89 | $1,565.16 | $1,051.27 | $6.447 |
| Day's high so far | $4,047.57 | $54.74 | $1,581.16 | $1,062.90 | $6.477 |
| Day's low so far | $4,001.10 | $53.47 | $1,555.61 | $1,040.22 | $6.372 |
| $ change | −$22.43 | −$0.70 | −$2.04 | −$3.93 | +$0.049 |
| % change | −0.55% | −1.29% | −0.13% | −0.37% | +0.76% |
| Gold/silver ratio | ~74.7 |
Gold: COMEX gold December 2026 futures (GCZ6), USD per troy ounce, via Investing.com as of about 3:29 AM PT (6:29 AM ET); prior close is Thursday’s (Oct. 22) settlement, which came before spot gold’s late-day drop. Silver, platinum and palladium: Investing.com spot quotes as of about 3:11–3:31 AM PT (6:11–6:31 AM ET), with Thursday’s closes as shown by Investing.com. The gold/silver ratio uses spot gold (about $4,024) 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 3:31 AM PT (6:31 AM ET); prior close is Thursday’s (Oct. 22) settlement.
Move Since Our Last Report (Wed., Oct. 21)
In Wednesday’s report, COMEX gold futures were near $4,139, silver near $57.43, platinum near $1,636, palladium near $1,089, and copper near $6.54 a pound. Since then, gold futures are about $101 lower near $4,038, and spot gold is near $4,024 versus about $4,116 on Wednesday. Silver has fallen about $3.54 (roughly 6%) to near $53.89, platinum is about $70 lower near $1,565 and palladium is about $38 lower near $1,051. Copper is about $0.09 softer. The gold/silver ratio has widened to about 74.7 from about 71.7, as silver has fallen faster than gold.
What's Moving Metals Today
A tech and AI stock selloff triggers metals liquidation. The equity downturn deepened this week after Meta Platforms’ plans to raise capital spending revived worries that tech companies may take on more debt to fund the AI buildout. Traders have been selling gold and silver to cover losses in other assets, pushing gold toward $4,000, near its lowest level in almost three months, and silver to its lowest since November 2025 (Trading Economics).
Oil tops $100 as Middle East risks rise. U.S. crude climbed above $100 a barrel, near a five-week high, after Houthi attacks on Saudi targets, including the Red Sea port of Yanbu, and reports that the U.S. and Israel have drawn up plans for possible renewed strikes on Iran after next month’s midterm elections. Higher oil keeps inflation worries alive and supports the case for higher-for-longer interest rates, a headwind for metals that pay no yield (Trading Economics).
Yields fall as rate-hike bets ease. The 10-year Treasury yield is holding near 4.97% after dropping more than 10 basis points on Thursday to a one-month low as investors moved into bonds. Doubts about the sustainability of AI spending have led markets to scale back expectations for more Fed hikes: traders price about a 91% chance the Fed holds next week, with about an 80% chance of a hike in December. The dollar index is near 101.6, close to a three-week low (Trading Economics). Lower yields could eventually offer some support to precious metals.
Platinum and palladium hit multi-month lows. Platinum futures dropped below $1,560, their lowest since November 2025, and the World Platinum Investment Council now forecasts a 265,000-ounce platinum surplus in 2026, with automotive demand expected to fall 4%. Palladium futures are at their lowest since June 2025, weighed by investment outflows and a projected surplus across the platinum-group metals (Trading Economics).
Copper bounces from a five-week low. COMEX copper is up about 0.8% near $6.45 a pound after falling to around $6.40, a five-week low, on the AI selloff and speculation the U.S. may drop proposed tariffs on refined copper imports. The risk of labor strikes at major mines remains supportive (Trading Economics).
What the Big Banks Expect
Dated published views from top-ten banks (their forecasts, not ours). Several predate the latest moves.
- UBS (Oct. 8): Says high U.S. real yields and a firm dollar could push gold back toward $4,000, where it expects dip buyers to set a floor. It still forecasts $4,600 by December, $5,000 by March 2027, $5,200 by June 2027 and $5,400 by September 2027 (UBS Chief Investment Office; 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).
- 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).
- 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 (Fri., Oct. 23): S&P Global flash PMIs (9:45 a.m. ET); University of Michigan consumer sentiment and inflation expectations (10 a.m. ET) (Trading Economics calendar).
- Oct. 27–28: next FOMC meeting, with the decision on Wednesday, Oct. 28; markets price about a 91% chance of a hold (Trading Economics).
FAQ
Why are gold and silver falling while stocks sell off?
When stocks drop sharply, some traders sell liquid assets such as gold and silver to raise cash or cover losses elsewhere. Rising oil prices are also keeping inflation and interest-rate worries alive, which weighs on metals that pay no yield.
Why does gold look almost flat in spot terms but down in futures?
Most of the drop happened late Thursday. The COMEX futures settlement used as Thursday’s close came before that late slide, so today’s futures change still reflects it, while spot gold’s close already did. Spot gold is near $4,024 this morning.
What is the gold/silver ratio right now?
About 74.7 on early spot prices, meaning one ounce of gold buys roughly 75 ounces of silver. That is up from about 71.7 in Wednesday’s report, as silver has fallen faster than gold.
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.
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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.
