Gold Eases as Softer Oil Meets Stubborn Yields — October 19, 2026

Gold eased on Monday, trading around $4,147.60 per ounce by late morning in New York, down about 0.4 percent from Friday's $4,165.42 close, as a 10-year Treasury yield holding above 5 percent offset support from softer oil prices. Silver edged up to around $57.25 per ounce, and platinum firmed to around $1,648 per ounce, extending Friday's gain.

The day's driver was energy. Oil softened after President Trump waived Russia sanctions and tariff measures that had driven Brent toward $110 last week, cooling one source of inflation pressure. Against that, the latest US data stayed hot: September CPI rose 3.7 percent year over year and PPI jumped 6.3 percent, the largest rise since 2022, keeping the Federal Reserve's path in focus. With the Fed in its blackout period ahead of the October 27-28 meeting, Chair Warsh's weekend comment in Bangkok, that he does "not prejudge" meetings, left markets pricing roughly a 16 percent chance of an October hike and about 92 percent by December. The dollar index held near 101.80.

"Gold is showing a modest rise to start the week," KCM Trade's Tim Waterer noted early in the session, saying bullion "responds positively to softer oil" — before yields reasserted themselves and pulled spot back below $4,150 by late morning.

The bigger picture has not changed: gold is holding within sight of record territory above $4,100 even with Treasury yields above 5 percent, silver is consolidating above $57 after a volatile week, and platinum is quietly outperforming. Jobless claims of 199,000 last week underline a labor market that is cooling slowly, not cracking.

Investor take: With no Fed speakers until after October 28, data carries the week. Housing starts on Tuesday, jobless claims on Thursday, and Friday's flash PMIs are the prints that can move the December odds — and with them, gold. Dips toward $4,100 have met buyers all month; a close back above $4,180 would reopen the run at record highs.

Jeweler take: Metal costs remain elevated but stable enough to price with confidence early in the week. Platinum's relative strength is worth watching for fabrication planning, and silver's hold above $57 keeps entry price points workable for holiday inventory. Locking metal before Friday's PMI release removes one variable from the week.

Coming up — events that will move metals:

• Tuesday, October 20 — September housing starts and building permits, 8:30 AM ET
• Thursday, October 22 — Weekly initial jobless claims, 8:30 AM ET
• Friday, October 23 — S&P Global flash PMIs for October, 9:45 AM ET
• October 27-28 — FOMC meeting; rate decision Wednesday, October 28 at 2:00 PM ET
• Thursday, October 29 — Advance Q3 GDP and September PCE inflation; ECB rate decision

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