Gold continues to hold the $4,000 level as silver sees a successful test of the $55 futures low set on July 17.

Gold
October 15 (King World News) – Otavio Costa:  And just like a beach ball held underwater…

Gold is already back to pre-CPI levels.

Yields are rolling over. The dollar is starting to follow.

This could turn very constructive for precious metals.

Gold, Silver, Oil
Ole Hansen, Head of Commodity Strategy at SaxoBank:  Crude Oil: Brent trades around USD 105 after falling on Wednesday as concerns over Middle East supply disruptions eased and the IEA raised its forecast for the decline in global oil demand this year to 2.6 million barrels per day, while lowering expectations for next year’s rebound. Following several days of Houthi attacks, it remains unclear whether Saudi Arabian oil infrastructure and supply flows have suffered any meaningful setbacks. Meanwhile, the refined product market remains tight and could tighten further after Ukraine told the FT it plans to resume strikes on Russian oil refineries. Ahead of today’s delayed EIA inventory report, API data showed an 11-million-barrel draw in US crude stocks, which, if confirmed, would be the largest since June 2025.

Gold
Gold trades around USD 4,135, having recovered most of Wednesday’s sharp post-CPI losses that briefly pushed prices towards, but not below, the recent low at USD 4,066. The volatile session was driven by sharp swings in US Treasury yields, initially surging on stronger-than-expected inflation before reversing abruptly as traders covered increasingly stretched short Treasury positions amid a sell-off in technology stocks. Key resistance remains around USD 4,235, a level breached during the late-September sell-off.

Silver
Silver, meanwhile, continues to struggle for traction, partly weighed down by broader weakness across industrial metals, with copper heading for a third consecutive daily decline. The gold-silver ratio has broken above key resistance around 72.60, now turned support, signalling renewed relative weakness in silver and raising the risk of further underperformance against gold.

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