Precious Metal Market Outlook & Bullion Trading Economic Trends

Exclusive Precious Metals Market Outlook and Recommendations

Index updated October 26, 2026

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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.

High: — |
Low: — |
Current: —

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.

High: — |
Low: — |
Current: —

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.

High: — |
Low: — |
Current: —

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.

High: — |
Low: — |
Current: —

The Blanchard Economic Report

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Market Movers

Precious Metals

Gold edged higher to start the week as investors bought a brief dip below $4,000. Gold gained on ideas the Federal Reserve will keep interest rates unchanged at this week’s policy meeting. Starting the week, gold quickly erased last week’s losses. The precious metal came under pressure last week as traders sold bullion to cover their trading losses in other markets as technology stocks tumbled.

This week Wall Street is focused on the Fed meeting. While markets are pricing in only a 10% chance of an interest rate hike, investors will be watching for clues from Fed Chair Kevin Warsh on his ideas about inflation.

Wall Street is watching a busy earnings reporting week with one third of the S&P 500 companies sharing third quarter results. Microsoft (MSFT), Alphabet (GOOGL) and Amazon (AMZN) report third quarter earnings on Wednesday and Thursday. Investors will be scouring results looking for evidence on whether or not the AI investment has paid off. This week, Anthropic filed with the Securities & Exchange Commission for its long-awaited IPO, as technology companies race to raise cash for their AI products.

Microsoft reports earnings following news the company is offering buyouts to 60,000 employees as part of its efforts to cut costs and adjust its workforce in the AI intelligence era.

Key Takeaway:

Investors used a short-lived dip under $4,000 to buy gold. Ideas about the central bank’s interest rate path have been shifting in recent weeks. Initially odds for an interest rate hike were higher following stronger-than-expected inflation data. However, comments from central bankers tamped down ideas the Fed will hike rates. Gold benefits from steady to lower interest rates, as bullion pays no interest.

Economic Update

U.S. Producer Price Index (PPI) surged 1.3% in September to a 6.3% annualized rate. That marks the biggest jump in wholesale level inflation in 4 1/2 years. The strong jump reveals that inflationary pressures are broadening out beyond energy in the economy.
Crude oil is trading back above $100 / barrel, after advancing for three straight weeks in a row. Oil is climbing on renewed worried about fresh hostilities in the U.S. war against Iran. U.S. forces in the Middle East are prepared to launch new military operations against Iran if President Trump gives the order. Any new military action is expected after the midterm elections on Nov. 3.
Jamie Dimon, CEO of JP Morgan Chase, warned of major macro-economic issues in his bank’s third quarter earnings results. He pointed to “large fiscal deficits, sticky inflation, elevated asset prices, rising interest rates and geopolitical conditions continue to shift under the surface. These forces may be manageable, but we remain prepared for a wide range of outcomes.”

Key Takeaway:

Given ongoing wars in the world and persistent inflation, gold remains the ultimate safe haven. Dimon says his bank is preparing for a wide range of outcomes for the macro storm clouds building on the horizon. For individual investors, gold, which isn’t tied to any country or currency, can provide safety and security to help diversify and protect a portfolio no matter what lies ahead.

In the News

UBS sees dip buyers stepping in to support gold at this level – Oct. 23, Investing.com.

Strategist Giovanni Staunovo said in a note Friday that gold prices have fallen as rising U.S. real yields and a stronger dollar increase the opportunity cost of holding the metal. “In the near term, gold may retest support around USD 4,000/oz, where we expect structural dip buyers to establish a floor,” the strategist said.

UBS sees gold stabilizing and resuming its uptrend toward year-end and into 2027. “Overall, we believe the long-term investment case for gold remains positive,” Staunovo added. “In our view, price pullbacks toward USD 4,000/oz offer opportunities to add exposure.”

Gold Edges Higher as Traders Ease Rate-Hike Bets on Warsh Speech – Oct. 18, Bloomberg.

Traders unwound bets on the probability of a quarter-point hike to less than one-in-five after comments by the Fed chair were interpreted as supporting the case to keep rates on hold when it meets next week. Higher borrowing costs are a headwind for gold, which doesn’t pay interest.