October 9, 2026 - Gold Rises 1.59% to $4,199.27, Silver Gains 1.97% to $60.34 and Brent Falls 1.34% to $102.88

Global Markets

(A) Precious Metals

Gold: $4,199.27/oz (+1.59%)

Gold rose 1.59%, supported by a softer U.S. dollar and easing Treasury yields after the 10-year yield approached 5.30%. Lower oil prices eased inflation concerns, while Fed tightening expectations limited gains despite only a 17% probability of an October rate hike.

Silver: $60.34/oz (+1.97%)

Silver gained 1.97%, driven by dollar weakness, declining Treasury yields and renewed precious-metals demand. However, industrial demand concerns and an 83% probability of a December Fed rate hike kept the broader outlook cautious.

(B) Energy

Brent Crude: $102.88/bbl (-1.34%)

Brent fell 1.34% as renewed U.S.–Iran diplomatic discussions eased Middle East supply concerns. President Trump signalled no immediate military action against Iran, reducing geopolitical risk premiums. However, U.S. Gulf production shutdowns affecting 62.9% of offshore output limited losses.

(C) FX

DXY: 102.07

The dollar eased to 102.07, pressured by declining Treasury yields and lower October Fed hike expectations. However, an 83% probability of a December hike limited losses.

USD/JPY: 157.89

USD/JPY held near 157.89 as easing U.S. yields pressured the dollar. Japan's PM Sanae Takaichi pledged close monitoring of yen weakness and inflation, raising policy intervention concerns.

EUR/USD: 1.1226

EUR/USD recovered to 1.1226, supported by lower U.S. yields and stabilising French bond markets. However, French fiscal uncertainty kept the euro under pressure.

GBP/USD: 1.3185

GBP/USD fell 0.20% to 1.3185 in the October 8 reference session, pressured by elevated U.S. yields and dollar strength. Expectations of a November BOE hike above 80% provided support.

High-Impact Economic Events

Note: These economic events are for informational purposes only. Please conduct your own research before making any market decisions.

Volatility

The VIX closed at 15.41, indicating calm market volatility despite technology-sector selling, elevated Treasury yields and Middle East tensions. Broader investor anxiety remained contained.

What Markets Are Watching

1. Fed Rate Expectations & Treasury Yields

Markets priced a 17% probability of an October Fed rate hike and an 83% chance of a December increase as persistent inflation kept monetary policy uncertainty elevated. The U.S. 10-year yield eased toward 5.23%, providing temporary relief to precious metals while borrowing-cost concerns remained significant.

2. Middle East Developments & Oil Supply Risks

Brent retreated toward $103/bbl as renewed U.S.–Iran diplomatic discussions reduced immediate fears of escalation. However, disruptions affecting 62.9% of Gulf of Mexico offshore production, Strait of Hormuz shipping uncertainty and sanctions on Iranian oil networks continued to support supply-risk premiums.

3. Japan's Yen Policy & Global Market Pressure

Japanese Prime Minister Sanae Takaichi pledged close monitoring of yen weakness and inflation while reaffirming BOJ policy independence. Meanwhile, elevated global bond yields, European fiscal concerns and AI-related debt financing pressures kept investor sentiment cautious across currencies and equities.