October 13, 2026
Market Overview 07-10-2026 to 13-10-2026
Precious Metals Market – Cautious Price Growth
Last week, the major precious metals markets experienced a period of modest price growth. This was driven by both continued gold purchases by central banks and a slight decline in US Treasury yields. Although the prospect of further Fed interest rate hikes is limiting a more significant rise in precious metals prices, expectations are growing that US interest rate policy will be more moderate this year than previously forecast.
The global gold price rose by approximately 1.9% between October 7 and October 13, reaching USD 4,189 per troy ounce.
Investors’ return to gold was partly driven by the more significant price declines recorded earlier, as well as the continued steady accumulation of gold reserves by some central banks. It is reported that China’s central bank increased its gold reserves in September for the 23rd consecutive month. The addition of 23 tonnes to its reserves represents the largest monthly gold purchase by the People’s Bank of China in almost three years.
Investors’ return to gold was also partly encouraged by the halt in the rise of US Treasury yields and a slight decline in the yields on these securities. US government securities are considered direct competitors to precious metal assets (gold, silver, etc.) that do not generate fixed income.
A more moderate Fed interest rate policy is also contributing in part to the positive change in gold prices. Unlike earlier forecasts, few market participants currently expect interest rates to be raised at the next Fed meeting. According to market data, the probability of an interest rate hike in October is less than 19%.
On the other hand, a more significant rise in gold prices is being limited by a probability of as much as 70% that the Fed will raise interest rates by 25 basis points at its December meeting. If this forecast proves accurate, dollar-denominated precious metals (gold, silver, etc.) could become a less attractive option for holders of foreign currencies.
The global silver price rose by more than 1.3% between October 7 and October 13, reaching USD 60.64 per troy ounce.
The palladium price rose by more than 3.1% over the same period, reaching USD 1,154 per troy ounce.
Between October 7 and October 13, the global platinum price rose by more than 4.4%, reaching USD 1,706 per troy ounce.
The global copper price increased by more than 1.2% between October 7 and October 13, reaching USD 14,631 per tonne.
In the short term, both incidents in the mining sector and changes in demand for the metal could contribute to rising copper prices.
New incidents are being recorded at mines in Chile, the world’s leading copper-producing country. A mass strike by workers is planned to begin on October 14 at Escondida, the world’s largest copper mine. Staff at another important Chilean copper mine, Centinela, have also been on strike since October 7.
Copper prices could also be supported in the near future by recovering demand for the metal in the Chinese market. Following China’s week-long national holidays, buyers returned to the market, while the Yangshan copper premium, an indicator reflecting copper import activity, reached USD 135 per tonne. This is its highest level in the past four years.
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