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Gold Expert
Gold, silver and platinum opened the week higher after Friday’s much weaker-than-expected September jobs report cooled bets on another Federal Reserve rate hike. Silver led with a gain of about 2%, platinum rose about 1.5%, and palladium edged up. A dollar at its strongest since April 2025 and Treasury yields near two-decade highs are still capping the bounce.
Metals Prices
| Mon Oct 5, 2026 | Gold (USD/oz) | Silver (USD/oz) | Platinum (USD/oz) | Palladium (USD/oz) | COMEX copper, $/lb |
|---|---|---|---|---|---|
| Prior close (Fri.) | $4,140.68 | $60.39 | $1,701.60 | $1,170.65 | $6.549 |
| Latest (intraday, ~3:27 AM PT) | $4,157.26 | $61.68 | $1,727.33 | $1,174.26 | $6.600 |
| Day's high so far | $4,170.27 | $61.83 | $1,738.77 | $1,192.13 | $6.638 |
| Day's low so far | $4,125.22 | $60.39 | $1,701.60 | $1,166.71 | $6.562 |
| $ change | +$16.58 | +$1.30 | +$25.73 | +$3.61 | +$0.051 |
| % change | +0.40% | +2.15% | +1.51% | +0.31% | +0.78% |
| Gold/silver ratio | ~67.4 |
Source: Investing.com spot quotes for gold, silver, platinum and palladium as of about 3:27 AM PT (6:27 AM ET), cross-checked against Trading Economics. Feeds differ slightly.
Copper is an industrial metal, shown for context only: COMEX high-grade copper December 2026 futures (HGZ6), USD per pound, as of about 3:27 AM PT (6:27 AM ET); prior close is Friday’s (Oct. 2) close.
Move Since Our Last Report (Fri., Oct. 2)
In Friday’s early report, gold was near $4,172, silver near $60.95, platinum near $1,721, and palladium near $1,196. Gold then slid to a Friday close near $4,141 despite the weak jobs data, with a firm dollar and high yields weighing, before recovering part of that drop this morning; it is still about $14 below Friday morning. Silver is about 1.2% above Friday morning’s level, platinum is a touch higher, and palladium is roughly $21 lower. COMEX copper is firmer on the day, back above $6.50 a pound.
What's Moving Metals Today
Payrolls miss. The U.S. economy added just 29,000 jobs in September, far below forecasts near 90,000, and August was revised down to 133,000. Unemployment rose to 4.2%, and annual wage growth slowed to 3.0%, its weakest since May 2021 (U.S. Bureau of Labor Statistics via Trading Economics).
Fed hike bets cool. Markets now price nearly an 80% chance the Fed holds rates steady this month, though odds of a December hike remain around 69% (Trading Economics). Lower hike odds reduce the opportunity cost of holding non-yielding metals.
The dollar is still strong. The dollar index climbed to around 102.5 on Monday, its highest since April 2025, as the euro weakened on political uncertainty in Spain and France (Trading Economics). A firm dollar makes dollar-priced metals more expensive for overseas buyers.
Yields remain high. The U.S. 10-year Treasury yield is hovering around 5.25%–5.3%, near its highest since 2002, as energy-driven inflation and heavy debt issuance keep long-term rates elevated (Trading Economics).
Oil and the Middle East. Brent crude is near $102.5 a barrel and U.S. crude is just under $91. Saudi Aramco’s deeper November price discount for Asia and a G7 emergency stockpile release are offsetting supply worries, while OPEC+ left quotas unchanged. Separately, Saudi-backed Yemeni forces launched an operation against the Iran-backed Houthis, adding to regional risk (Trading Economics).
Copper. Copper is recovering some of last week’s losses on the softer jobs data. It is supported by long-term demand from data centers and renewable energy, Chile’s weakest monthly output since 2011 and a strike vote at Antofagasta’s Centinela mine, while slowing Chinese industrial activity weighs on the near-term outlook (Trading Economics).
What the Big Banks Expect
Dated published views from top-ten banks (their forecasts, not ours). Several predate the latest moves; we note fresh updates where available.
- HSBC (fresh update, 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 (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 (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. 5): S&P Global services PMI (Sept.) and ISM services PMI (Sept., consensus 55.1), plus Treasury bill auctions (Investing.com calendar).
- Tue., Oct. 6: U.S. trade balance (Aug.), Atlanta Fed GDPNow, EIA Short-Term Energy Outlook, a 3-year note auction, and remarks from Fed officials Bowman, Logan and Williams (Investing.com calendar).
- Oct. 14: September CPI.
- Oct. 27–28: next FOMC meeting.
- Dollar, yields and oil: the dollar’s multi-month high, 10-year yields near 2002 highs, and Middle East headlines remain the swing factors for metals.
FAQ
Why are metals higher today?
September payrolls badly missed expectations and unemployment ticked up to 4.2%, which cut the odds of an October Fed hike. That eases pressure on non-yielding metals, though a strong dollar and high yields are limiting the gains.
What is the gold/silver ratio right now?
About 67.4 intraday, meaning one ounce of gold buys roughly 67 ounces of silver. The ratio fell from about 68.4 on Friday as silver outperformed.
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.
