Published by
Gold Expert
Precious metals are lower across the board on Wednesday as a rebound in oil prices and 10-year Treasury yields near 24-year highs revive inflation and rate-hike worries. Platinum is the weakest, down about 4%, while silver is off about 2%, palladium about 2.6% and COMEX gold futures about 1.2%. Copper is roughly flat. Investors are waiting for minutes from the Federal Reserve’s latest meeting, due this afternoon.
Metals Prices
| Wed Oct 7, 2026 | Gold (USD/oz) | Silver (USD/oz) | Platinum (USD/oz) | Palladium (USD/oz) | COMEX copper, $/lb |
|---|---|---|---|---|---|
| Prior close (Tue.) | $4,187.10 | $61.36 | $1,710.75 | $1,169.65 | $6.650 |
| Latest (intraday, ~3:32 AM PT) | $4,137.01 | $60.02 | $1,639.39 | $1,139.70 | $6.653 |
| Day's high so far | $4,197.72 | $61.50 | $1,714.91 | $1,175.72 | $6.676 |
| Day's low so far | $4,137.00 | $60.00 | $1,638.90 | $1,137.12 | $6.599 |
| $ change | −$50.09 | −$1.35 | −$71.36 | −$29.95 | +$0.003 |
| % change | −1.20% | −2.19% | −4.17% | −2.56% | +0.05% |
| Gold/silver ratio | ~68.5 |
Gold: COMEX gold December 2026 futures (GCZ6), USD per troy ounce, via Investing.com as of about 3:31 AM PT (6:31 AM ET). Silver, platinum and palladium: Investing.com spot quotes as of about 3:32–3:33 AM PT (6:32–6:33 AM ET), cross-checked against Trading Economics. The gold/silver ratio uses spot gold (about $4,110) 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 3:27 AM PT (6:27 AM ET); prior close is Tuesday’s (Oct. 6) close.
Move Since Our Last Report (Mon., Oct. 5)
In Monday’s early report, spot gold was near $4,157, silver near $61.68, platinum near $1,727, and palladium near $1,174. Spot gold is now around $4,110, roughly $47 lower, with December COMEX gold futures at $4,137. Silver is about 2.7% below Monday morning’s level, platinum is down about $88, and palladium is about $34 lower and trading at its lowest level in a year. COMEX copper is a little firmer than Monday, near $6.65 a pound.
What's Moving Metals Today
Oil rebounds. U.S. crude climbed back toward $90 a barrel and Brent is near $101.8, up about 1.2%, after Iran stepped up attacks on tankers in the Strait of Hormuz. The UK Maritime Trade Operations agency has reported nine incidents so far this month, and a Saudi-led coalition said it intercepted a Houthi ballistic missile aimed at Khamis Mushait. Restored capacity on Saudi Arabia’s East-West pipeline and a G7 emergency stockpile release are limiting the gains (Trading Economics). Higher oil keeps inflation and rate-hike concerns in focus.
Yields near 24-year highs. The U.S. 10-year Treasury yield is around 5.31%–5.33%, up about 4 basis points, near its highest in 24 years. Persistent inflation, rising fiscal risks and heavy AI-related debt issuance are keeping pressure on bonds (Trading Economics). Higher yields raise the opportunity cost of holding non-yielding metals.
The dollar is firmer. The dollar index is near 102.3, up about 0.5% on the day (Trading Economics). A firm dollar makes dollar-priced metals more expensive for overseas buyers.
Fed minutes in focus. Markets price nearly an 80% chance the Fed holds rates steady this month after September’s weaker-than-expected jobs data and downward revisions to prior months. Investors are looking to the minutes of the Fed’s latest meeting, due this afternoon, for clues on the policy outlook (Trading Economics).
Platinum’s mixed fundamentals. Platinum is near two-month lows. The World Platinum Investment Council forecasts a 5% rise in industrial demand in 2026, partly from AI infrastructure, but a 4% drop in automotive demand, leaving a projected 265,000-ounce surplus (Trading Economics).
Copper. Copper is holding near one-week highs. Demand from data centers and power infrastructure for AI is supportive, along with Chile’s weakest monthly output since February 2011 and a strike vote at Antofagasta’s Centinela mine. Signs of weaker Chinese industrial activity and an undecided U.S. tariff on refined copper are the main uncertainties (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).
- 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. 7): MBA mortgage applications, EIA weekly crude inventories (consensus +1.9 million barrels), NY Fed 1-year consumer inflation expectations (Sept.; prior 3.6%), a 10-year note auction, remarks from President Trump, FOMC meeting minutes, and August consumer credit (consensus $14.5 billion) (Investing.com calendar).
- Thu., Oct. 8: Weekly jobless claims (consensus 200,000), August wholesale inventories, a 30-year bond auction and remarks from Fed Governor Waller (Investing.com calendar).
- Oct. 14: September CPI.
- Oct. 27–28: next FOMC meeting.
- Oil, yields and the dollar: Strait of Hormuz headlines, 10-year yields near 24-year highs and the dollar remain the swing factors for metals.
FAQ
Why are metals lower today?
Oil prices rebounded on renewed tanker attacks in the Strait of Hormuz, and 10-year Treasury yields are holding near 24-year highs. That revives inflation and rate-hike concerns and raises the opportunity cost of holding non-yielding metals. Platinum and palladium are falling hardest.
What is the gold/silver ratio right now?
About 68.5 intraday on spot prices, meaning one ounce of gold buys roughly 68 ounces of silver. The ratio is up from about 67.4 on Monday as silver underperformed gold.
Why is gold quoted as a futures price?
We now 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 $4,110 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.
