Gold and Silver Prices Shine Again, All Could Change Tonight
Gold prices rose during Tuesday’s trading, supported by the cessation of rising US Treasury yields and a weakening US dollar.
Investors are now awaiting the minutes from the Federal Reserve’s September meeting to seek new clues regarding the direction of the US central bank’s monetary policy.
According to Refinitiv, gold prices on Tuesday (06/10/2026) closed at US$ 4,163.45 per troy ounce, marking a 0.59% increase. This rise comes as good news following a decline in prices on Monday.
As of Wednesday (07/10/2026) at 06:05 WIB, gold prices eased by 0.03% to US$ 4,162.26 per troy ounce.
“We are seeing demand for gold as a safe-haven asset amidst volatility in the French bond market and increasing concerns regarding the US Treasury market,” said Jim Wyckoff, market analyst at American Gold Exchange, as quoted by Refinitiv.
The 10-year US Treasury yield fell slightly after hitting a two-decade high on Monday. Simultaneously, the US dollar weakened from its one-year high. This condition makes gold, priced in US dollars, cheaper for holders of other currencies.
Investors are also closely monitoring rising government debt and widening budget deficits in several Eurozone countries, particularly France. These conditions have driven up government bond yields.
Market attention is now focused on the release of the Federal Open Market Committee (FOMC) September meeting minutes on Wednesday night US time. Investors will scrutinise the minutes to gauge the likelihood of further interest rate hikes later this year.
Although the decision has already been announced, investors and traders will use these minutes as new guidance for a clearer direction from the Fed.
Expectations for a Fed rate hike this month have begun to diminish after US job growth in September was recorded as weaker than expected.
According to the CME FedWatch Tool, market participants now estimate the probability of the Fed raising interest rates this month at only 22%. However, the probability of a hike in December remains pegged at approximately 84%.
Gold tends to lose its appeal when interest rates are high, as yield-bearing assets become relatively more attractive.
On the other hand, oil prices fell because crude oil exports from the Middle East remain strong, and the decision by G7 nations to release emergency oil reserves helped alleviate supply concerns.
“Despite facing some short-term pressure, ongoing ETF purchases and demand from discretionary investors continue to provide support for gold prices. We maintain our view that gold prices will break through US$5,000 per troy ounce by 2027,” stated an analyst from TD Securities in a note.