October 6, 2026
Market Overview 30-09-2026 to 06-10-2026
Precious Metals Market – In Wait-and-See Mode?
Last week, the major precious metals markets experienced minimal price movements. This peculiar wait-and-see mode was driven by both conflicting news regarding US interest rates and the uncertain situation in the Middle East.
Between September 30 and October 6, the global gold price experienced minimal changes. On October 6, the gold price reached USD 4,154 per troy ounce.
Uncertainty surrounding the future of US monetary policy is contributing significantly to the stagnation in gold prices. When the Fed decided to raise interest rates by 0.25% in mid-September, this decision contributed to both a strong rise in the US dollar and an increase in 10- and 30-year US Treasury yields to their highest levels in 24 years. A strengthening dollar undoubtedly reduces the popularity of precious metals denominated in this currency (gold, silver, etc.) among holders of foreign currencies.
On the other hand, the increased likelihood of a more moderate Fed interest rate policy is helping gold avoid a significant price decline. Initially, markets forecast consecutive interest rate hikes at the upcoming Fed meetings in October and December, but these expectations have recently changed. According to market investor sentiment, there is now as much as a 78% probability that the Fed will not raise interest rates at its October meeting. The probability that interest rates will rise in December has recently stood at 68%.
Pessimistic US labour market data have changed market forecasts. It is reported that only 29,000 new jobs were created in the United States in September (excluding the agricultural sector). Experts had previously forecast an increase of 90,000 jobs. More moderate interest rate expectations are also being supported by a statement from New York Fed President J. Williams that, following the September hike, there is no need to rush; one more interest rate hike towards the end of the year may be sufficient.
The global silver price rose by more than 1.1% between September 30 and October 6, reaching USD 61.10 per troy ounce.
Recent fluctuations in silver, a metal widely used both in industrial production and as an investment, have been strongly influenced by the persistently tense situation and oil supply challenges in the Middle East.
Despite the fact that crude oil exports from Gulf countries returned to pre-war levels in September, there are also reports of stalled US-Iran peace talks and an increase in US military capabilities in the Middle East. With no clearer diplomatic agreements reached, investors fear both the threat of military escalation and further disruptions to oil supplies and surges in crude oil prices. Such a scenario would likely contribute to a more significant increase in silver prices.
The global palladium price fell by more than 3.3% between September 30 and October 6, reaching USD 1,165 per troy ounce.
The global platinum price experienced minimal changes over the same period; on October 6, the platinum price reached USD 1,715 per troy ounce.
The global copper price rose by more than 0.3% between September 30 and October 6, reaching USD 14,465 per tonne.
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