Holiday Brent oil rose, overseas base metals generally fell, LME aluminum, zinc, nickel, gold led declines [Holiday Market Review and Post-Holiday Outlook] - Shanghai Metals Market

AI desk brief

During China’s National Day holiday, overseas precious metals softened: COMEX gold fell 1.25% and COMEX silver fell 1.16% as the U.S. dollar and Treasury yields moved higher, pressuring bullion. In contrast, the World Gold Council said global gold ETFs took in $10bn in September, lifting Q3 inflows to a record $31bn and boosting holdings by 67 tonnes to a record 4,256 tonnes, even as AUM slipped 7% m/m to $574bn.

The piece also noted ICE has started offering gold futures trading in London, linked to London bullion auction prices, alongside silver, platinum and palladium contracts. London remains the largest physical gold hub, with daily OTC turnover near $190bn and roughly $1.4tn of gold stored in vaults, but prior attempts to establish local futures trading had failed.