Precious Metals Market Recap (October 9th, 2026): Gold and Silver Gain on the Week

Precious Metals Market Recap (October 9th, 2026): Gold and Silver Gain on the Week

(Oct. 9th, 2026) – The spot price of gold hit a two-month low on Wednesday but recovered later in the week, adding enough on Thursday and Friday to erase Wednesday’s losses and secure a gain of around 1.2% compared to last Friday’s late-session price. The spot price of silver moved similarly, edging up slightly on the week after pulling back on Wednesday and Thursday. The gold-silver ratio remained largely flat on the week, topping 70:1 on Thursday morning and settling near 69.1:1.

Fed Minutes Point to Another Rate Hike

This week, interest rate speculation remained a major focus, with officials expecting at least one more rate hike before the end of the year.

The biggest release this week was the FOMC’s September meeting minutes, which came out Wednesday. Last month, the Federal Reserve voted unanimously to raise interest rates by 25 basis points in an effort to curb inflation. The full minutes confirmed that most FOMC members anticipate raising rates at least once more before 2027.

Most participants assessed that another increase in the target range for the federal funds rate would likely be appropriate by year end.

Energy prices played an especially large role in the Committee’s overall inflation outlook. The price of oil has been a major driver of rising prices, which was a key factor in the Fed’s September rate hike and could lead to more hikes before the end of the year. In the meeting minutes released Wednesday, the committee expressed concerns that climbing energy prices could bleed into other sectors.

The longer energy prices [remain] elevated, the greater the risk that cost increases in certain sectors could lead to broader price pressures.

Oil and Yields Ease, Fueling Late-Week Metals Rebound

Crude oil prices have been elevated since the onset of the U.S.-Iran conflict in February. Brent crude jumped 4.1% on Thursday before retreating on Friday after U.S. President Donald Trump said that no new attacks on Iran are planned until after midterm elections on November 3rd. Gold began recovering Thursday as a strong 30-year Treasury auction pulled yields lower. The rally continued into Friday as oil fell following Trump’s statement, erasing Wednesday’s losses to notch a modest 1.2% gain versus last Friday’s late-session reading.

Silver also gained on the week, adding 2.77% on Friday to gold’s 1.48% and finishing with a slight gain since last Friday. The rest of the week was much less impressive. Silver outran gold on Monday and Tuesday as October rate hike odds retreated and oil briefly dipped below $100 per barrel. The metal took a harder hit than gold (-2.55% vs. -1.28%) on Wednesday after the Fed’s September meeting minutes dropped. Silver lagged behind gold on Thursday, losing more ground as gold rose following Wednesday’s slide. Friday was redemptive for the precious metal, which would have ended the week in the red without the strong Friday rebound.

Next Week in Review

Looking ahead, traders will be able to review the September Consumer Price Index (CPI) next Wednesday. The CPI is one of the Federal Reserve’s preferred inflation gauges, and the tone of this report could have significant implications for how the FOMC votes in October and December. As of today, CME FedWatch shows an 82.8% probability that the Fed skips hiking rates in October, as well as an 86.7% likelihood that rates end 2026 higher than today’s target.

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