Weekly recap · Sep 28–Oct 2, 2026
Precious metals slid for the week as dollar and yields stayed firm despite softer near-term Fed hike bets
U.S. precious metals finished the Sept. 28 week lower across the board, with silver and palladium leading the declines. Reuters reported that a stronger U.S. dollar and elevated Treasury yields weighed on gold and helped keep pressure on the complex. Kitco coverage highlighted a brief lift after weak payrolls reduced perceived Fed hike odds, but it faded later in the session as yields and oil stayed elevated. Several bank and analyst notes showed a split: some argued gold is proving resilient, while others trimmed forecasts or flagged downside risk if rates stay high.
AI summaryWritten automatically with AI from 17 linked reports and our own price data, Oct 21, 3:27 AM ET. Each point links to its sources. Published without an editor’s review; not investment advice. How this page is made
The week in prices
- Gold$4,139.24−2.9%
- Silver$60.37−7.1%
- Platinum$1,699.69−3.9%
- Palladium$1,171.24−6.8%
Tone of the reports: Mixed
The week’s key developments
All four major metals ended the week down: gold fell -2.9% (from $4,261.05 to $4,139.24) and silver fell -7.1% (from $65.02 to $60.37), with platinum (-3.9%) and palladium (-6.8%) also lower.
SourcesReuters: Gold heads for weekly drop as strong dollar, elevated Treasury yields weighKitco News: Wall Street on the brink of bearish majority after gold’s post-payrolls slide, Main Street abandons bullish bias as metals test support2: Metals give back jobs-report bounce as oil, yields stay elevated - Kitco PM Report
Reuters reported gold was headed for a weekly drop as a strong U.S. dollar and elevated Treasury yields continued to weigh on prices.
SourcesReuters: Gold heads for weekly drop as strong dollar, elevated Treasury yields weigh
Kitco reported gold and silver initially rose after weak payrolls reduced expectations for Fed rate hikes, but later coverage said metals gave back that jobs-report bounce as yields stayed elevated.
SourcesKitco News: Gold, silver rise as weak payrolls cut Fed-hike odds - Kitco AM Report2: Metals give back jobs-report bounce as oil, yields stay elevated - Kitco PM Report3: Gold bulls disappointed as weak jobs report fails to spark rally, $4,000 support looms
Reuters reported Fed officials pushed back on market bets for an October rate increase, while also reporting that Minneapolis Fed President Neel Kashkari still expected more rate hikes and was unsure about acting this month.
SourcesReuters: Fed officials wash away market bets on October rate increase2: Fed's Kashkari expects more rate hikes, unsure on need to act this month
Kitco’s sentiment coverage said gold slid after the payrolls report and that both Wall Street and Main Street polling moved more bearish as prices tested technical support levels.
SourcesKitco News: Wall Street on the brink of bearish majority after gold’s post-payrolls slide, Main Street abandons bullish bias as metals test support2: Gold bulls disappointed as weak jobs report fails to spark rally, $4,000 support looms
On the analyst side, Kitco cited Deutsche Bank’s Daniel Ghali saying gold looks resilient, while warning silver faces oversupply; separate imported notes said HSBC cut its 2026 average gold price forecast and Bank of America’s $5,000 gold view came with a warning.
SourcesKitco News: Gold’s resilience supports strong outlook, silver faces oversupply, copper could be the big gainer – Deutsche Bank’s GhaliEarlier news service: HSBC cuts its 2026 average gold price forecast to USD 4,490/oz2: BANK OF AMERICA’s $5,000 gold forecast comes with a warning
Reuters reported the Bank of Korea plans to purchase gold from domestic producers in December, a small but notable demand headline tied to official-sector activity.
SourcesReuters: Bank of Korea plans gold purchase from domestic producers in December
Bull vs bear
The arguments the day’s reports made for each direction. We list them side by side; we don’t pick one.
The case for higher prices
Kitco reported weaker payrolls reduced expectations for Fed rate hikes, which can support non-yielding metals like gold and silver.
SourcesKitco News: Gold, silver rise as weak payrolls cut Fed-hike odds - Kitco AM Report
Kitco cited Deutsche Bank’s Ghali arguing gold’s resilience supports a constructive outlook even with elevated yields.
Kitco argued that gold’s resilience may be signaling underlying demand even as the IMF characterized bond markets as “orderly.”
SourcesKitco News: IMF says bond markets are ‘orderly,’ but gold’s resilience says something else
Reuters reported the Bank of Korea plans a gold purchase in December, adding to the official-sector demand narrative.
SourcesReuters: Bank of Korea plans gold purchase from domestic producers in December
The case for lower prices
Reuters reported a stronger U.S. dollar and elevated Treasury yields were weighing on gold and pushing it toward a weekly decline.
SourcesReuters: Gold heads for weekly drop as strong dollar, elevated Treasury yields weigh
Kitco reported metals gave back their jobs-report bounce as yields remained elevated, suggesting macro headwinds stayed in control.
SourcesKitco News: Metals give back jobs-report bounce as oil, yields stay elevated - Kitco PM Report2: Gold bulls disappointed as weak jobs report fails to spark rally, $4,000 support looms
Kitco’s weekly sentiment piece said Wall Street and Main Street polling turned more bearish after gold’s post-payrolls slide.
HSBC cut its 2026 average gold price forecast (as reported in the imported note), pointing to a more cautious bank view on the year-ahead average level.
SourcesEarlier news service: HSBC cuts its 2026 average gold price forecast to USD 4,490/oz
Metal by metal
Day by day
How this page is made
Collected every hour. Summed up twice a day. Linked to the source.
Where the news comes from
- Reuters and Dow Jones headlines for gold, silver, platinum and palladium, through TradingView
- Kitco News and MetalsDaily
- The World Gold Council
- Google News, for wider coverage
- A daily AI web search for anything the feeds missed
How the briefs are written
Every hour we collect new headlines. An AI model from OpenAI tags each one by metal, topic and importance and writes a one-line summary from its headline and teaser. It doesn’t read paywalled articles. On weekdays at about 8 AM and after the 5 PM New York close, it writes a brief from the most important reports and our own spot price feed. Every point cites the reports it came from. On Fridays it writes a recap of the week.
Who publishes it
Bullion Trading LLC is a physical precious metals dealer in New York’s Diamond District, in business since 2008. Prices on this page come from our own live feed and LBMA history. We buy and sell bullion, so read the briefs as market context, not investment advice. Briefs are published automatically, without an editor’s review. If you spot an error, tell us.
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