Bullion Market Update – October 10, 2025

Precious Metals Prices 

The gold price continued its upward tear this week, surpassing the $4,000 mark and hitting all-time highs at almost $4,060. Thursday brought a slight correction in the spot price bringing it to ~$3,975 at the end of the day. 

The silver price has also seen massive increases in the past few weeks. It broke $50 intraday Thursday before correcting down to around $49.00 at the end of the day. 

The price of platinum followed bullion’s upward trajectory early in the week hitting highs above $1,685 before correcting late on Thursday to ~$1,625. 

Palladium prices have skyrocketed lately hitting intraday highs this week nearing $1,500. As of the end of the day Thursday, it is trading close to $1,413. 

Market Update 

In the last several weeks, bullion prices have posted sharp gains across the board, with gold notably pushing past $4,000 per ounce for the first time, driving renewed attention to safe-haven assets. Silver, platinum, and palladium have also rallied in tandem, benefiting from spillover demand and broadening investor interest beyond gold. Platinum in particular has attracted interest on relative valuation, contributing to upward momentum across the bullion complex. 

Federal Reserve Chair Jerome Powell and other Fed officials have echoed that the U.S. economy faces a delicate balance between sticky inflation and a cooling labor market. In recent remarks, Powell cautioned that near-term risks to inflation are tilted to the upside and risks to employment to the downside, noting that there is no risk-free path for monetary policy. He has pointed out that job openings and hiring have softened, while inflation remains well above the Fed’s 2 percent target. Powell also flagged that equity valuations appear fairly highly valued and noted that financial conditions are a factor in policy deliberations, though he stopped short of characterizing the current environment as one of elevated financial stability risks. Meanwhile, Vice Chair Philip Jefferson reiterated concerns about labor market stress and rising inflation pressures in separate remarks, citing that employment now faces downside risk even as inflation remains above target. 

Investor posture has noticeably shifted in response to the bullion rally and ongoing tension in equity markets. Equities had been extended, with major U.S. indices reaching fresh highs, but more recently have shown signs of vulnerability. On October 7, the S&P 500 snapped a seven-day winning streak, with modest losses across benchmarks as safe-haven flows gained traction. The confluence of broad bullion strength, cautious commentary from the Fed, and elevated equity valuations has increased investor nervousness. Many participants appear to be recalibrating exposures, tilting toward assets seen as inflation hedges or capital preservation vehicles. 

In summary, the past weeks have been marked by vigorous gains in bullion as markets confront the dual challenges of persistent inflation and signs of labor market weakening. Powell’s recent remarks underline the narrow policy space facing the Fed, and investor sentiment is increasingly cautious as equity markets show signs of strain amid shifting flows.