Precious Metal Market Outlook & Bullion Trading Economic Trends

Exclusive Precious Metals Market Outlook and Recommendations

Index updated October 12, 2026

Blanchard's Bi-weekly Index

The Blanchard Bi-weekly Index is a roll-up of industry news and economic trends affecting the precious metals market and trading world.

Check back often for insights and commentary from our leading experts and contributors.

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Market Movers

Precious Metals

Mideast tensions continue to rise. Yemen-backed Houthis attacked Saudi Arabia’s main airport over the weekend, injuring over 300 people. President Trump said he was considering whether to join in Saudi Arabia’s military operations against the Houthis.

Hurricane Isaias made landfall last weekend near Destin, Florida, as a Category 2 storm. It forced evacuations along the Florida Panhandle and in some areas of Alabama.

Heading into the November midterm elections, the battle for control of the U.S. Congress is heating up. High interest rates, rising prices, foreign wars and data centers are some of the key issues in the upcoming elections.

Gold and silver are trading quietly within trading ranges. Precious metals are moving sideways, awaiting a fresh catalyst to move higher. Since late September, gold has held between roughly $4,100 and $4,200 an ounce.

Key Takeaway:

Gold is well positioned as a safe-haven hedge for both pre-and post-election uncertainty. Longer-term, ongoing concerns about rising debt, foreign wars, international trade problems, and weaker economic growth all support the long-term uptrend for gold.

Economic Update

September U.S. jobs data came in weaker-than expected. Nonfarm payrolls rose 29,000 last month, while economists had expected 90,000 new jobs to be created. The unemployment rate rose to 4.2% from 4.1% in September.
Consumer sentiment falls to 5-month low in October. The University of Michigan’s preliminary reading for consumer sentiment fell to 46.3 in October, down from September’s reading of 48.1. That was worse than economists had expected as consumers cited frustration over the high cost of living today.
The national average price of gasoline stood at $4.29/gallon on Oct. 12. That’s $1.28/g higher than a year ago, according to GasBuddy.

Key Takeaway:

The job market hit a soft patch in September as a “low-hire, low-fire” type of labor market grips the economy. The weaker job market means the Federal Reserve will likely hold off on hiking interest rates at its October meeting, which is gold-positive. Higher interest rates are a headwind for gold, which pays no interest.

In the News

Bank of America sees gold averaging $4,000/oz in fourth quarter – Mining.com Oct. 12.

“Bank of America (NYSE: BAC) said on Monday it expects gold prices to average $4,000 an ounce in the fourth quarter and $4,813 an ounce in 2027, adding near-term headwinds will persist until risks from rising oil prices linked to the Iran war ease.”

Ethiopia launches its first gold refinery, Prime Minister says – Reuters, Oct. 12.

“Ethiopia has launched its first gold refinery, a $50 million joint venture aimed ‌at turning the East African nation into a regional processing hub for precious metals, Prime Minister Abiy Ahmed said over the weekend.”

Why China is importing a record amount of gold — and what it means for prices – CNBC, Oct. 11.

“China’s central bank has bought gold for 23 straight months, and the country is importing more of the precious metal than ever.

That buying spree reflects Beijing’s push to cut its dependence on the dollar, and Chinese households’ lack of safe alternatives, with analysts expecting sustained demand for the bullion in a struggling economy.”