October 27, 2026
Market Overview 21-10-2026 to 27-10-2026
Precious Metals Market – Sharp Price Decline!
Last week, the major precious metals markets experienced a broad-based price decline. This was linked both to the strengthening US dollar and news from the US stock market, as well as to the threats associated with the US–Iran war and rising oil prices.
The global gold price fell by 3.4% between October 21 and October 27, reaching USD 3,999 per troy ounce.
The rising US dollar exchange rate is undoubtedly contributing to the decline in gold prices. The strengthening of the world’s main reserve currency is being driven both by expectations of further Fed interest rate increases and by the country’s Treasury bond yields, which have risen to record levels following changes in US monetary policy. Bonds are becoming a competitive investment alternative to precious metal assets, which do not generate fixed income.
Optimistic sentiment in the US stock market has also recently been contributing to the strengthening of the dollar. On October 26, the company Anthropic publicly filed its initial public offering (IPO) registration documents. The AI leader, which could achieve a record market valuation of USD 1.5–2 trillion upon its stock market debut, prompted price increases in several major US stock indices and technology stocks.
Growing interest in US equities is encouraging additional capital inflows into this market, contributing to the appreciation of the dollar and further reducing the attractiveness of dollar-denominated precious metals (gold, silver, etc.) to holders of foreign currencies.
The global silver price fell by 8.6% between October 21 and October 27, reaching USD 52.97 per troy ounce.
The decline in silver prices is being indirectly influenced by the increased threat of further escalation in the US–Iran war. Due to military operations and tensions in the Middle East, oil prices continue to record record increases. As a result, inflation indicators are rising, fears of a global economic crisis are growing, and markets such as the United States are facing a significantly greater need to raise benchmark interest rates.
According to market data, the probability that Fed interest rates will be 25 basis points higher after the December meeting (compared with their current level) has recently been estimated at as much as 75%. The probability that Fed interest rates will be 50 basis points higher after the December meeting (compared with their current level) has recently stood at 7%.
If the interest rate hike scenario materialises, such a decision should theoretically strengthen the US dollar and thereby reduce the investment attractiveness of silver, gold and other dollar-denominated precious metals to holders of foreign currencies.
The global palladium price fell by 6.1% between October 21 and October 27, reaching USD 1,026 per troy ounce.
The global platinum price recorded an 8.2% decline over the same period, reaching USD 1,498 per troy ounce on October 27.
The global copper price recorded minimal changes between October 21 and October 27. On October 27, the copper price reached USD 14,363 per tonne.
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