Gold and Silver Bounce — But the Bond Market Still Holds the Reins - LinkedIn

AI desk brief

Gold and silver rebounded 1-2% Monday after a bruising week, but the note argues the real driver remains the bond market: gold was still down over 3% last week and silver about 6%, while the 10-year Treasury yield ended around 5.28% and the dollar rose roughly 1%. The September jobs miss — just 29,000 payrolls added, unemployment at 4.2%, and prior months revised down by 60,000 — cut expectations for another October Fed hike, but the author says that relief may be limited if long-end yields keep climbing.

The piece also flags Middle East energy risk, with Brent still near $102/bbl and Strait of Hormuz disruption keeping inflation and policy risks elevated. Physical buying has emerged on lower gold prices in the U.S. and elsewhere, but silver demand remains notably weak.