Friday rebound: a soft dollar, yields and oil lift gold and silver off their lows

Last week ended with the best day gold and silver had seen in a while. When Kitco published its AM report on Friday, spot gold was trading near $4,184.80, up 1.27%, and silver near $60.44, up 2.32% — prices at the time of writing, not closes. Both went on to finish higher still: Shanghai Metals Market puts the session’s close at $4,194.45 for gold (+1.47%) and $60.81 for silver (+2.78%).

What drove it

Kitco identified three things easing at once:

• The dollar softened. A weaker dollar makes dollar-priced metals cheaper for everyone else.
• Long-dated yields eased. The 10-year Treasury yield slipped toward about 5.25% after a strong auction of 30-year bonds. Strong demand at an auction means the government can borrow at a lower yield, and that rippled through the bond market.
• Oil pulled back, taking a little pressure off inflation expectations.

All three lower the cost of holding gold and silver, which pay no interest. That is why a day with no gold-specific news can still move the metals more than 1%.

Not everyone reads Friday the same way. ActionForex notes that the dollar index ended Friday at 102.232 and that Brent crude finished the week higher, and credits the metals’ turn to Treasury yields rather than to oil — see Have gold and silver bottomed?.

The Fed hasn’t gone away

What Friday did not change was the Fed. Minutes from its September meeting still showed most policymakers expecting another rate hike by the end of the year, Kitco noted, and markets priced roughly a 17–19% chance of a hike in October against 82–83% by December. That December risk is the ceiling on the rally: as long as another hike looks likely, every rise in gold has to fight a rising return on cash. We explain that tension in Can gold rally while the Fed is still hiking?.

Kitco’s technical map

Kitco’s report marks out resistance — prices where sellers have tended to appear — and support, where buyers have, for both metals. These are Kitco’s levels, not ours, and they are reference points rather than predictions:

As reported by Kitco News, 9 October 2026.

Gold’s lower resistance level sits close to the $4,227.85 that ActionForex says gold must clear to confirm a bottom — two different analysts landing on nearly the same number is part of why traders watch it. More in Have gold and silver bottomed?.

Where it went next

Gold carried the bounce into Monday, rising to about $4,206 — see Gold holds above $4,200 — and silver traders turned to a quieter question: whether physical buyers in China were following the price up. They weren’t, according to SMM, which we cover in Silver rallies on paper.

Every figure here is as reported by the publications listed under Sources, at the time they reported it. Prices move; the live gold price has the current one. Nothing on this page is investment advice.