1. Buckle your seatbelts and keep all hands and feet inside the vehicle, because earnings season is back. Starting Tuesday, Q3 earnings will get underway, led by the major Bulge-Bracket banks throughout the week before the playing field opens to other sectors as we get deeper into October. It’s also a big week on the economic data front, where Wednesday’s consumer inflation data is set to be a major factor for the Federal Reserve’s decision on rates in the FOMC’s upcoming October meeting. Investors will also get the wholesale inflation check with the Producer Price Index report on Thursday, along with readings on industrial production and manufacturing activity on Friday.
2. Gold prices continue to struggle in the face of persistent inflation pressures and growing expectations for higher interest rates; however, one bank continues to see short-term weakness as a buying opportunity and expects higher gold prices to continue to support the mining sector. Despite rising energy costs, market analysts said they expect the mining sector’s third-quarter earnings season to be “okay,” as input cost pressures have remained relatively manageable. In their latest metals and mining report, the analysts said that although higher bond yields have created significant headwinds for gold, they remain bullish on the precious metal over the longer term and expect to see higher prices through next year. “Gold remains resilient despite near-term rate pressures. We reiterate our $5k/oz ’27 forecast, as we do not believe the U.S. can tolerate materially higher yields for an extended period. Near-term volatility could mean good entry points for high-quality gold names,” the analysts said.
3. Oil prices climbed on Monday as attacks on Saudi Arabia overshadowed hopes for supply improvements, and expectations for higher interest rates to fight inflation drove the dollar higher on a narrowly mixed day for global stocks. The dollar’s rise in recent months has been driven in large part by expectations that high prices for energy and other goods will force the Federal Reserve to raise interest rates at a time when growth is stronger than in other rich economies. This could expand the rate differentials that drive currency movements. While the U.S. bond market was closed for the Columbus Day holiday, investors were cautiously waiting for September inflation data and the third-quarter earnings season, which begins on Tuesday with earnings from major banks.
4. The rapid rise in bond yields has a way to go before investors become bullish on Treasuries. On Tuesday, the 10-year yield sat at 5.22%, with high economic growth amid an AI boom, sending real yields higher. According to the BofA Funds manager survey, investors say that a 10-year Treasury yield of 5.9% is required to flip asset allocation from stocks to bonds. Bonds, which move inversely to yields, have suffered a steep rout since March 2022, when the Fed began raising interest rates. However, the rapid rise in bond yields this year, coupled with high oil prices, concerns about AI risks, and weak market breadth, has prompted warnings of a potential pullback in equities.
5. The number of Americans filing new claims for unemployment benefits increased marginally last week amid low layoffs that are keeping the labor market stable. Initial claims for state unemployment benefits rose 1,000 to a seasonally adjusted 199,000 for the week ended October 10, the Labor Department said on Thursday. Economists polled had forecasted 200,000 claims for the latest week. It was the fifth straight week that claims remained below the 200,000 level, consistent with what economists said was a “low-hire, low-fire” labor market.
6. Crude oil prices were on course to book a weekly gain earlier today, amid continuing Iranian strikes on tankers in the Strait of Hormuz and a substantial inventory draw in the United States, at 8.56 million barrels for the week to October 9. At the time of writing, Brent crude was trading at $105.48 per barrel, with West Texas Intermediate at $97.40 per barrel. Both were off weekly highs, but still higher than last Friday.
7. EUR/USD extends its recovery on Friday, trading around 1.1255 at the time of writing, up 0.32% on the day. The Euro continues to strengthen against the U.S. Dollar, rebounding from a 16-month low of 1.1113 reached on Wednesday. The recovery is mainly supported by renewed weakness in the Greenback amid concerns surrounding the Artificial Intelligence sector and a broader reassessment of risk in global financial markets.
8. USD/Yen price action review over Japan’s extended holiday week. The pair opened near 157 and traded in a broad 156–159 range as Dollar strength persisted and expectations of a possible earlier Federal Reserve rate hike supported gains. However, caution over potential Japanese intervention and comments from Finance Minister Satsuki Katayama saw USD/JPY retreat below 158.50.
Existing U.S. home sales eked out a small monthly increase in September, despite higher mortgage rates, although sales remained near their lowest levels of the year. Home sales rose 1.5% in September from a month earlier to a seasonally adjusted annual rate of 3.99 million, according to National Association of Realtors data released on Tuesday. Compared to a year ago, sales are down 2.2%. As buyers remain cautious, for-sale inventory has grown, and homes are spending longer on the market. There were 1.6 million homes available for sale in September, the highest level since November 2019, giving buyers the upper hand in negotiations.
Bitcoin fell 1.5% on Wednesday after U.S. inflation came in hotter than expected, dragging most of the crypto market down with it. Ethereum dropped 2.8% to $2,440; Solana lost 1.9%, and XRP slid 1.3%, while total crypto market cap shed 0.7% to $2.8 trillion. The Consumer Price Index rose 0.6% in September and 3.7% over the past year, up from 3.4% in August, according to the Bureau of Labor Statistics. Economists expected 3.6%. Gasoline prices jumped 9.1% in a single month and accounted for more than half of the increase.
A slew of economic data Thursday showed that inflation accelerated last month as more expensive oil and gas began to lift prices in other parts of the economy, including shipping and warehousing, before the increases reach most Americans. Wholesale food prices jumped, which could make groceries more expensive in the months ahead. At the same time, consumers also ramped up their spending, according to data released Thursday. Though much of the increase reflected higher prices, consumer resilience is powering solid U.S. economic growth. It all adds up to an economy in which people are spending money, but don’t feel good about it.
U.S. factory production increased in September but lost considerable momentum in the third quarter amid headwinds from the Middle East conflict, which has snarled supply chains and raised energy prices. Manufacturing output rebounded 0.3% last month following a revised 0.2% decline in August, the Federal Reserve said on Friday. The rise was in line with economists’ expectations. Factory production was previously estimated to have dropped 0.3% in August. Output advanced 1.1% on a year-over-year basis in September. It grew at a 0.7% annualized rate in the third quarter after accelerating at a 5.6% pace in the second quarter.
Volatility should remain high as investors closely watch for hints about the upcoming monetary policy direction. Many investors have redoubled their efforts to ensure that their portfolios are sufficiently diversified in the hope that they will be able to withstand corrections in multiple market sectors. Many of these investors have included physical precious metals as part of their diversification plans, given their long history as a hedge against inflation and during times of economic turmoil. Remember, the key to profitability through the ownership of physical precious metals is to own the physical product and hold it for the long term. Always remember that you should never overextend your ability to maintain ownership of your precious metals over the long run.
Trading Department – Precious Metals International Ltd.
Friday to Friday Close (New York Closing Prices)
| Oct. 9, 2026 | Oct. 16, 2026 | Net Change | ||
| Gold | $4,195.35 | $4,161.10 | -34.25 | -0.82% |
| Silver | $60.81 | $57.15 | -3.66 | -6.02% |
| Platinum | $1,690.19 | $1,630.21 | -59.98 | -3.55% |
| Palladium | $1,148.88 | $1,114.27 | -34.61 | -3.01% |
| Dow | 51655.18 | 51994.33 | 339.15 | 0.66% |
Previous Year Comparison
| Oct. 17, 2025 | Oct. 16, 2026 | Net Change | ||
| Gold | $4,219.97 | $4,161.10 | -58.87 | -1.40% |
| Silver | $51.57 | $57.15 | 5.58 | 10.82% |
| Platinum | $1,618.79 | $1,630.21 | 11.42 | 0.71% |
| Palladium | $1,485.25 | $1,114.27 | -370.98 | -24.98% |
| Dow | 46190.49 | 51994.33 | 5803.84 | 12.57% |
Here are your Short-Term Support and Resistance Levels for the upcoming week.
| Gold | Silver | |
| Support | 4157/4101/4014 | 58.87/56.91/55.32 |
| Resistance | 4246/4297/4387 | 62.41/64.00/65.96 |
| Platinum | Palladiumn | |
| Support | 1620/1550/1489 | 1113/1075/1035 |
| Resistance | 1751/1812/1882 | 1191/1230/1269 |