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Gold Expert
Precious metals are opening the week mostly steady after last week’s slide, as investors weigh rising Middle East tensions and prepare for the Federal Reserve’s policy decision on Wednesday. COMEX gold futures are up about 0.6% near $4,031, after dipping as low as about $3,991 overnight, while spot gold is near $4,015, hovering around $4,000 and close to its lowest level in more than three months. Silver is up about 0.1% near $53.95, near an eleven-month low, platinum is down about 0.6% near $1,542 and palladium is up about 0.4% near $1,048. Copper is up about 0.4% near $6.54 a pound. Oil has eased toward $101 a barrel, the 10-year Treasury yield is holding just below 5% and the dollar index is near 101.6.
Metals Prices
| Mon Oct 26, 2026 | Gold (USD/oz) | Silver (USD/oz) | Platinum (USD/oz) | Palladium (USD/oz) | COMEX copper, $/lb |
|---|---|---|---|---|---|
| Prior close (Fri.) | $4,007.90 | $53.89 | $1,550.83 | $1,044.09 | $6.508 |
| Latest (early, ~3:27 AM PT) | $4,031.10 | $53.95 | $1,541.57 | $1,048.10 | $6.536 |
| Day's high so far | $4,036.20 | $54.41 | $1,565.67 | $1,060.22 | $6.563 |
| Day's low so far | $3,990.90 | $53.62 | $1,540.91 | $1,038.37 | $6.468 |
| $ change | +$23.20 | +$0.05 | −$9.26 | +$4.01 | +$0.028 |
| % change | +0.58% | +0.10% | −0.60% | +0.38% | +0.43% |
| Gold/silver ratio | ~74.4 |
Gold: COMEX gold December 2026 futures (GCZ6), USD per troy ounce, via CNBC as of about 3:17 AM PT (6:17 AM ET); prior close is Friday’s (Oct. 23) settlement. Silver, platinum and palladium: CNBC spot quotes as of about 3:27 AM PT (6:27 AM ET), with Friday’s closes as shown by CNBC; day’s ranges for spot silver, platinum and palladium are from Investing.com as of about 3:08–3:27 AM PT. The gold/silver ratio uses spot gold (about $4,015) 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 CNBC as of about 3:17 AM PT (6:17 AM ET); prior close is Friday’s (Oct. 23) settlement.
Move Since Our Last Report (Fri., Oct. 23)
In Friday’s report, COMEX gold futures were near $4,038, silver near $53.89, platinum near $1,565, palladium near $1,051, and copper near $6.45 a pound. Since then, gold futures are about $7 lower near $4,031, and spot gold is near $4,015 versus about $4,024 on Friday. Silver is little changed near $53.95, platinum is about $24 lower near $1,542 and palladium is about $3 lower near $1,048. Copper is about $0.09 firmer near $6.54. The gold/silver ratio has narrowed slightly to about 74.4 from about 74.7.
What's Moving Metals Today
Fed week puts rates back in focus. The Federal Reserve meets Oct. 27–28 and is widely expected to leave interest rates unchanged on Wednesday before potentially raising them in December. Central banks in the Eurozone and Japan are also expected to hold this week. Expectations of higher-for-longer rates tend to weigh on metals that pay no yield (Trading Economics).
Middle East tensions keep oil and inflation worries alive. The U.S. administration is weighing whether to pursue a deal with Iran or resume military strikes after next week’s midterm elections, and Iran is reportedly prepared to retaliate. Clashes between Saudi Arabia and Iran-backed Houthi rebels intensified over the weekend. U.S. crude has eased toward $101 a barrel, but higher energy prices this year have fueled inflation concerns and expectations of higher rates (Trading Economics).
Bonds stay bid as AI worries linger. The 10-year Treasury yield is holding just below 5% after sliding for three straight weeks, as concerns about artificial intelligence spending keep investors in safe-haven bonds. Earnings from Amazon, Alphabet and Microsoft this week, along with preliminary third-quarter GDP and September PCE inflation data on Thursday, are the next tests. The dollar index has slipped to about 101.6 (Trading Economics).
Silver and platinum stay near multi-month lows. Silver is holding around $54, near its lowest level in eleven months, while platinum remains near its lowest since November 2025 after last week’s liquidation-driven selloff. The World Platinum Investment Council forecasts a 265,000-ounce platinum surplus in 2026 (Trading Economics).
Copper edges higher but stays near multi-week lows. COMEX copper is up about 0.4% near $6.54 a pound, still near multi-week lows on AI-sector worries and doubts that the U.S. will impose tariffs on refined copper imports ahead of the midterms. Labor strikes at major mines remain a supply risk (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 (Mon., Oct. 26): Chicago Fed National Activity Index (8:30 a.m. ET); Dallas Fed manufacturing index (10:30 a.m. ET) (Trading Economics calendar).
- Tue., Oct. 27: September durable goods orders (8:30 a.m. ET); Conference Board consumer confidence and September new home sales (10 a.m. ET) (Trading Economics calendar).
- Wed., Oct. 28: FOMC rate decision (2 p.m. ET) and Chair’s press conference (2:30 p.m. ET); the Fed is widely expected to hold (Trading Economics).
- Thu., Oct. 29: Advance third-quarter GDP, September PCE inflation and weekly jobless claims (8:30 a.m. ET) (Trading Economics calendar).
- Fri., Oct. 30: Third-quarter Employment Cost Index (8:30 a.m. ET) (Trading Economics calendar).
FAQ
Why is gold steady after last week’s drop?
Last week’s slide was driven largely by traders selling metals to cover losses during a tech-stock selloff. This morning that pressure has eased, and gold is holding around $4,000 to $4,030 as investors wait for the Fed’s decision on Wednesday.
Why does the Fed meeting matter for gold?
Gold pays no interest, so expectations of higher interest rates tend to weigh on it. The Fed is widely expected to hold this week, but markets are watching for signals about a possible hike in December.
What is the gold/silver ratio right now?
About 74.4 on early spot prices, meaning one ounce of gold buys roughly 74 ounces of silver. That is little changed from about 74.7 in Friday’s report.
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.
