Why...
Oct 2, 2026
Gold and silver, weakness (Friday, Oct. 2) is mainly being driven by:
- Higher U.S. Treasury yields: 10- and 30-year yields recently reached their highest levels since 2002. Higher yields make non-interest-paying metals less attractive.
- A relatively strong U.S. dollar: Gold and silver are priced in dollars, so a stronger dollar tends to pressure them.
- Fed uncertainty: Even though September U.S. job growth was much weaker than expected, traders remain concerned that inflation could keep the Fed from cutting rates—or potentially lead to another hike.
- Recent correction: Gold has already been under pressure after a major run-up earlier this year. Silver is typically more volatile than gold, so it tends to fall harder during these pullbacks.
Today specifically: Reuters reports spot gold was down about 0.8% and silver about 1.1% at the time of its report, with both headed for weekly declines.
