Hello and welcome to our market week preview, where we look at the economic data, market news, and headlines likely to have the biggest impact on pricing and market momentum for gold, silver, and platinum, as well as key correlated assets.

Gold Market Update

Gold prices have softened on Monday, with spot prices down below $4200/oz. Market intel (and historical trading patterns) suggests this is positioning and reshuffling ahead of this week’s FOMC decision and likely some degree of profit-taking on long positions to lock in gains before risking volatility around the Fed’s announcement. At this late hour it seems all but certain that the FOMC will announce a third-consecutive cut of -0.25% on Wednesday, and reporting from economists and analysts tell us that any uncertainty in the precious metals (and in US equities, which are similarly easing on Monday) has more to do with how Fed officials’ economic projections, also due on Wednesday, will look. At present, there is a moderate disconnect between what the market expects the Fed to project for 2026 (just 1 further rate cut) vs. what the market expects to happen next year (as much as 75 basis points worth of cuts). When the Fed hones its signal this week, whether via the post-FOMC presser or public comments coming later in the week from Fed officials, implications that the Fed may be more dovish than only a single cut in 2026 would be expected to put a tailwind behind gold prices again.

Silver Market Update

Silver prices continue to consolidate at all-time highs in the spot market while front-month futures make new records. To begin the week, silver spot per t. Oz is trading around $58. This is a modest break from gold’s trading pattern since last Friday, as the PCE Index update on US price inflation remained below 3% in September. While this data print did little to stir price action in gold last week, its release coincided with a brief rally in silver, which has continued into this week. Traders could infer that if the FOMC comes in more dovish than expected on Wednesday, there will be less headroom for silver to rally alongside gold. Conversely, the metal may have further to fall if the Fed appears less inclined to lower rates further through the first half of next year.

Platinum Market Update

While the platinum market is not rallying on Monday, it does appear to be consolidating gains that amount to a roughly 80% increase throughout 2025, and it is at a level within touching distance of the highest offers in six weeks. With that context, platinum seems to be starting the week trading patterns more similar to silver than to gold, so we see the same risk of an initial sell-off in the grey metal should the Fed’s economic projections or commentary lean more hawkish this week.

And that’s how the precious metals basket is performing to begin the week. As always, we wish you all the best of luck in your markets in the coming days, and we’ll look forward to seeing you all back here next week for another metals market preview.