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Gold Expert
Precious metals are higher across the board on Friday as falling oil prices and a pullback in Treasury yields from 24-year highs ease pressure on non-yielding assets. Palladium is the strongest, up about 2.7%, with platinum about 2.3%, silver about 1.9% and COMEX gold futures about 1.2%. Copper is up about 1.5%. Investors are watching University of Michigan consumer sentiment and remarks from Fed President Collins today.
Metals Prices
| Fri Oct 9, 2026 | Gold (USD/oz) | Silver (USD/oz) | Platinum (USD/oz) | Palladium (USD/oz) | COMEX copper, $/lb |
|---|---|---|---|---|---|
| Prior close (Thu.) | $4,157.00 | $59.18 | $1,643.85 | $1,127.05 | $6.569 |
| Latest (intraday, ~3:32 AM PT) | $4,207.80 | $60.31 | $1,681.94 | $1,157.75 | $6.667 |
| Day's high so far | $4,232.90 | $60.61 | $1,696.79 | $1,170.45 | $6.675 |
| Day's low so far | $4,156.20 | $59.18 | $1,643.68 | $1,127.05 | $6.515 |
| $ change | +$50.80 | +$1.12 | +$38.09 | +$30.70 | +$0.099 |
| % change | +1.22% | +1.90% | +2.32% | +2.72% | +1.50% |
| Gold/silver ratio | ~69.4 |
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 3:29–3:33 AM PT (6:29–6:33 AM ET), cross-checked against Trading Economics. The gold/silver ratio uses spot gold (about $4,184) 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 3:33 AM PT (6:33 AM ET); prior close is Thursday’s (Oct. 8) close.
Move Since Our Last Report (Wed., Oct. 7)
In Wednesday’s early report, COMEX gold futures were near $4,137, silver near $60.02, platinum near $1,639, and palladium near $1,140. December COMEX gold is now about $71 higher at $4,208, with spot gold around $4,184 versus about $4,110 on Wednesday. Silver dipped midweek (near $58.74 early Thursday) before rebounding to about $60.31. Platinum is about $43 above Wednesday’s early level, and palladium is about $18 higher. COMEX copper is a little firmer than Wednesday, near $6.67 a pound.
What's Moving Metals Today
Oil eases on Iran headlines. U.S. crude fell back below $91 a barrel (near $90.7, down about 0.9%) and Brent is near $102.9, down about 1.3%, after President Trump said the U.S. was engaged in “productive discussions” with Iran and would not attack the country before the midterm elections. Oil had surged as much as about 5.6% on Thursday as Tehran intensified tanker attacks in the Strait of Hormuz (nine vessels reportedly targeted over the past week). Hurricane Isaias also disrupted Gulf of Mexico output, with producers shutting in around 1.3 million barrels per day (Trading Economics). Softer oil eases some inflation and rate-hike pressure on metals.
Yields pull back from 24-year highs. The U.S. 10-year Treasury yield is holding around 5.23%–5.26% after a well-received 30-year bond auction suggested investors remain willing to buy long-dated debt despite the recent selloff (Trading Economics). Lower yields reduce the opportunity cost of holding non-yielding metals.
The dollar is roughly flat. The dollar index is near 102.1, little changed on the day (Trading Economics).
Fed odds and Thursday’s Fed speakers. Markets price roughly an 82% chance the Fed holds rates steady this month and about an 81% chance of a hike in December. On Thursday, Fed Governor Christopher Waller said additional increases would likely be needed to bring inflation back to 2%, but stressed “flexibility” on pacing and left open a possible pause at the October meeting. St. Louis Fed President Alberto Musalem also indicated rates may need to rise over the next six to nine months (Trading Economics).
Platinum and palladium rebound. Platinum is bouncing from a recent nine-week low. The World Platinum Investment Council still forecasts a 2026 surplus, with total demand expected to fall 18%, including a 32% drop in Chinese jewelry demand and a 4% decline in automotive demand, which could limit gains (Trading Economics). Palladium is firming after trading near multi-month lows earlier this week.
Copper. COMEX copper is higher with the broader metals rebound. Demand from data centers and power infrastructure for AI remains a longer-term support theme, while Chinese industrial activity and U.S. tariff uncertainty on refined copper stay on the watch list.
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 (Fri., Oct. 9): University of Michigan consumer sentiment (Oct.; consensus 47.5, prior 48.1), Michigan expectations and inflation expectations, the WASDE report, Baker Hughes oil and total rig counts, CFTC speculative-position data, and remarks from Fed President Collins (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 after Thursday’s auction, and the path for Fed odds remain the swing factors for metals.
FAQ
Why are metals higher today?
Oil prices eased after President Trump said the U.S. was in “productive discussions” with Iran and would not attack before the midterms, and 10-year Treasury yields pulled back from 24-year highs after a strong 30-year bond auction. That lowers some inflation and opportunity-cost pressure on non-yielding metals. Palladium and platinum are leading the rebound.
What is the gold/silver ratio right now?
About 69.4 intraday on spot prices, meaning one ounce of gold buys roughly 69 ounces of silver. The ratio is down from about 70.5 early Thursday as silver recovered from its midweek slide.
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 $4,184 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.
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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.
