Gold
Gold tracked a similar intraday arc. Prices were steady early, then slid in the last couple of hours as the greenback stabilized and short-dated Treasury yields edged up. As of late morning, spot hovered near the low-$4,000s after briefly trading higher overnight. Reuters reports that gold is on course to snap a nine-week winning streak as investors book profits and optimism about U.S.–China dialogue trims haven demand.
However, the broader year-to-date rise remains intact thanks to central-bank buying and expectations for lower policy rates. Markets continue to price a rate cut at next week’s Federal Reserve meeting, with another reduction possible in December. A softer inflation print this morning reinforced that view and briefly knocked the dollar, though the currency later steadied. Because real yields remain subdued, the opportunity cost of holding bullion is still low, which is why dips have drawn buyers throughout October.
Yet crowded positioning means any bounce in the dollar can trigger quick, mechanical selling like we saw today. Technicals are now front and center. After sprinting to successive records earlier this month, momentum gauges flashed overbought and then flipped to “correcting.” Barron’s flagged Tuesday’s steepest one-day drop in more than a decade, followed by a partial rebound and renewed selling today as traders reassessed risk. Consequently, price action looks like a reset rather than a broken trend, with the next impulse likely to come from the Fed decision and how stocks react to it.
Silver
Silver opened firm, then turned lower over the last couple of hours as the dollar steadied and stocks pushed higher. Spot slipped back toward the upper-$47s to low-$48s after a choppy overnight session but has come back close to $49 as the day has gone on. The tone looks like classic profit-taking after an exceptional October. Reuters notes that silver is down more than 2% this morning, adding to a week of two-way trade that followed record highs earlier in the month.
The pullback also lines up with a softer haven bid as traders digest signs of progress on U.S.–China trade contacts. Micro drivers help explain the speed of today’s move. The London market squeeze has eased compared with two weeks ago, after new shipments helped calm borrowing stress and narrowed spot-over-futures premiums. That relief reduced the forced buying that had supercharged rallies. Therefore, when the dollar firmed and equities steadied, silver gave back ground more quickly than gold.
Even so, physical demand from solar, electronics, and seasonal buying in Asia is still supportive beneath the surface. Volatility remains elevated. Silver’s higher beta means small shifts in front-end yields and FX can spark outsized swings. Last week’s intraday air-pockets showed how quickly momentum can flip when the dollar bounces, even though the multi-month trend stays constructive as long as real yields are contained.
Other news that is affecting these spots
Wall Street’s tone was uneven early, then steadied as investors digested a heavy news flow. Oil prices jumped after new U.S. sanctions on Russia’s major producers, which stirred fresh inflation worries and contributed to the small dollar rise that clipped bullion. Meanwhile, traders remain focused on the Fed’s October meeting and the incoming inflation print, which was delayed by the government shutdown. In rates markets, odds still favor at least one more cut this year, though officials have stressed caution.
That careful stance leaves gold and silver highly sensitive to front-end yield moves during U.S. hours. Currency currents are doing most of the intraday steering. The dollar firmed against the yen and in broader indexes this morning, and even small FX gains tend to translate into lower metal prices because they reduce non-U.S. purchasing power. If that dollar bid fades later in the day—say, on softer data or risk-off equity action—bullion’s dip-buyers usually reappear. Conversely, another leg up in the dollar would likely keep rallies contained ahead of next week’s Fed decision.
Finally, earnings and cross-asset volatility continue to matter. A mixed reporting season has kept equity leadership narrow, which preserves some haven demand in the background. However, on days like today when stocks stabilize and the dollar firms, that latent bid can retreat quickly. This push-and-pull is why we’ve seen more two-way trade in October even as the longer trend has stayed constructive for precious metals.
Platinum
Platinum slipped in sympathy with bullion, easing toward the mid-$1,500s after a steady open. Its drivers are more industrial than monetary, led by auto-catalyst demand and green-tech applications, with supply still concentrated in a handful of mining regions. Reuters’ morning update shows platinum down roughly 2% alongside the broad metals pullback. Yet compared with silver, the swings have been smaller because positioning is less extended and the market’s link to front-end rates is weaker.
Palladium
Palladium also edged lower, trading in the high-$1,300s to around $1,400 after early gains faded. The metal tends to shadow auto production trends, scrap flows, and mine supply rather than day-to-day Fed repricing. Still, when stocks rally and the dollar steadies, cross-asset flows can drag palladium with the group. Today’s drop was a touch sharper than platinum’s but far milder than silver’s, which is consistent with its usual behavior during macro-led swings
Bottom Line
Gold and silver softened in the last couple of hours as stocks climbed and the dollar steadied, prompting profit-taking after a record-heavy month. The near-term path hinges on next week’s Fed meeting and whether the dollar gains further into the decision. If the greenback fades and front-end yields ease, dip-buyers should re-engage; if both firm, a deeper consolidation is likely first. For now, structural supports—subdued real yields, ongoing central-bank demand, and a still-fragile global backdrop—remain in place even as today’s trade tilts defensive.
