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Emirates News Agency WAM reported Thursday that spot gold advanced 1.1 percent to $4,310.49 per ounce in early trading as the metal recovered from a nearly six-week low reached the previous session. The agency said US gold futures for December delivery settled near $4,348.70 while silver rose 1.4 percent to $63.83 an ounce. Platinum increased 1.6 percent to $1,780.55 an ounce and palladium climbed 2 percent to $1,295 an ounce according to the same WAM dispatch.
WAM attributed much of the movement to easing pressure from declining crude oil prices, which fell for a second consecutive day to a one-week low as fears of supply disruptions eased. Lower benchmark Treasury yields also supported the complex by reducing the opportunity cost of holding bullion that pays no interest. The report noted that gold had recently traded in the opposite direction to energy prices because of their influence on inflation expectations.
GuruFocus data places current gold futures near $4,399.70 an ounce, reflecting a year-over-year increase of more than 19 percent and a rise of roughly 20 percent from levels seen at the start of 2026. A World Bank assessment found that gold prices are projected to rise by about 37 percent for the full year before moderating in 2027, underpinned by safe-haven demand and ongoing central bank purchases. Central banks have absorbed roughly 1,000 tonnes of gold a year for four straight years according to multiple market reviews.
The World Platinum Investment Council forecasts a platinum market deficit of 297,000 ounces in 2026 as mine production remains constrained in South Africa and Russia while industrial demand grows. Johnson Matthey reached a similar conclusion in its own outlook, pointing to robust consumption in data centers, hydrogen technologies and other sectors. These supply shortfalls have helped drive platinum prices higher even as the metal trades at a fraction of gold’s value.
Silver’s stronger performance in recent sessions has narrowed the gold-silver ratio to around 66 to 1, signaling renewed physical interest below the $66 level. World Bank figures show silver prices in the first half of 2026 stood almost 100 percent above the 2025 annual average despite a second-quarter pullback. Tight supply conditions and industrial applications in renewable energy and semiconductors continue to support the white metal.
Analysts following the Federal Reserve’s quarter-point rate increase to 3.75-4.00 percent on September 16 noted that the initial sell-off in gold proved short-lived as physical buyers absorbed the move. The central bank’s updated projections indicated at least one additional hike before year-end but also suggested the pace of tightening may moderate. This combination of higher rates with softer long-term expectations helped stabilize the broader precious metals sector.
