The Global Precious Metals MMI Index surged by 14.44% in October, as all four major precious metals posted strong gains early in the month.

Gold once again set new record highs, silver briefly hit $54 per ounce before a sharp pullback, and both platinum and palladium approached multi-year highs.

The rally was driven by a combination of factors including the ongoing US government shutdown, renewed tariff concerns, and labor-market weakness — all of which spurred hedging demand for safe-haven assets.

What’s Driving Palladium’s Recent Rally — and Where Is It Headed?

According to Capital.com, palladium prices have jumped around 26% since early October, reaching about $1,500 per ounce, rising alongside platinum and amid looser global financial conditions.

Expectations of US interest-rate cuts and a weaker dollar also supported palladium as part of the “Gold + Liquidity” wave lifting precious metals broadly.

Because palladium is used almost exclusively in catalytic converters for gasoline engines, automakers and electronics producers in the US could face cost volatility.

Technical analysis from Monex identifies resistance between $1,500 and $1,520 per ounce, with forecasts calling for a generally bullish but volatile trading pattern.

Analysts at CPM Group said palladium’s strength is closely tied to platinum’s performance, though they warned that US labor-market weakness and persistent inflation could cap demand growth.

Platinum Nearing Its Highest Levels in Years

Platinum has been the top performer among precious metals in 2025, rising roughly 30% year-to-date to levels not seen since 2008, according to Monex.

Demand drivers include catalytic converters and fuel-cell technology, especially as usage expands in hybrid and heavy vehicles. Stricter emissions standards are also helping sustain automotive demand.

Mining supply remains limited, and analysts expect the platinum market to post its third consecutive annual deficit in 2025.

CPM said platinum recently reached its highest level since 2012 and could climb to between $1,750 and $1,850 per ounce in the coming months, though it cautioned that pullbacks and sideways movements are normal even in bull markets.

For US buyers, the firm recommends maintaining a cautiously optimistic outlook and implementing hedges gradually.

Why Did Silver Spike and Then Drop?

Silver climbed sharply to around $54 per ounce in mid-October, driven by safe-haven demand and strong industrial usage, before dropping about 6% to $51.9 per ounce on October 17 — its biggest one-day decline in months, according to the Economic Times.

The fall was linked to easing credit-market fears and calmer trade tensions, which reduced defensive buying, while a stronger US dollar and higher bond yields weakened momentum.

Despite the pullback, silver’s fundamentals remain strong: it’s up more than 70% year-to-date, supported by robust industrial demand from electronics, data-center, and energy sectors amid tight global supply.

The US recently added silver to its list of critical minerals, a move expected to encourage stockpiling and investment. Analysts expect silver to resume its upward trend once market volatility returns.

What Fueled Gold’s 2025 Surge?

Gold broke above the $4,000-per-ounce threshold on October 8, rising about 60% since January. Many US buyers now see the sharp rally as a major cost driver for hedging and metals budgets.

Like other precious metals, gold’s rise has been supported by traditional safe-haven factors and bullish Wall Street sentiment.

Even HSBC recently raised its year-end gold forecast, and most analysts expect the metal to stay supported unless an unexpected rebound in the US economy reduces demand for protection.

Experts describe the current stage as a late-cycle bull market — with potential corrections ahead, but no clear signs of collapse.

Lisa Shalett, Chief Investment Officer at Morgan Stanley, said, “Gold’s rally this year is unusual because both gold and equities are moving higher together.”

Key MMI Index Moves:

Palladium bullion rose 11.91% to $1,231 per ounce.

Platinum bullion gained 16.75% to $1,568 per ounce.

Silver bullion jumped 20.86% to $46.99 per ounce.

Gold increased 13.14% to $40.54 per ounce.

US stock indexes fell on Wednesday as investors focused on corporate earnings and awaited key inflation data.

Netflix shares dropped sharply after the company reported weaker-than-expected revenue and profit for the third quarter, while markets turned their attention to Tesla’s earnings, due after the closing bell.

Traders are also awaiting crucial US inflation figures later this week for clues on the Federal Reserve’s next move, with most expectations pointing toward a rate cut at the Fed’s upcoming meeting next week.

As of 16:00 GMT, the Dow Jones Industrial Average declined 0.2% (down 95 points) to 46,829. The S&P 500 fell 0.2% (down 12 points) to 6,723, and the Nasdaq Composite dropped 0.4% (down 96 points) to 22,858.

Nickel prices were little changed on Wednesday amid ongoing market uncertainty surrounding US–China trade tensions, while a major US bank issued a cautious outlook for industrial metals heading into next year.

In a research note published this month, Goldman Sachs projected that copper prices would remain in a range between $10,000 and $11,000 per metric ton through 2026 and 2027, citing oversupply in the market despite maintaining a broadly positive long-term view for industrial metals.

The bank highlighted three key factors that could limit copper’s upside potential:

1. Chinese buyers cutting purchases once prices exceed $11,000 per ton — as seen in the second quarter of 2024.

2. Rising US inventories, which could quickly rebalance the market if price spreads on the London Metal Exchange (LME) narrow.

3. Overestimated demand from data centers, which may be lower than initially expected.

Goldman: Indonesian Producer Margins Will Dictate Nickel’s Path

Regarding the nickel market, Goldman Sachs said that profit margins for Indonesian producers must shrink further to curb supply growth and reverse the ongoing market surplus.

The bank forecast a 6% drop in nickel prices, reaching $14,500 per metric ton by December 2026.

Aluminum Surplus Expected, Prices to Return to Current Levels Only by 2030

Goldman Sachs also expects an oversupply in the aluminum market as new Indonesian output ramps up from mid-2026.

The bank projected aluminum prices at around $2,350 per ton in the fourth quarter of 2026, with no return to current price levels expected before 2030.

China Set to Become a Net Zinc Exporter in 2026

Goldman Sachs said China is likely to shift from being a net importer to a net exporter of zinc in 2026 as domestic production increases.

“We expect rising local output to move China from deficit to surplus,” the bank wrote, “while the market outside China shifts into deficit. To balance global supply, Chinese producers will need to be incentivized to export.”

Cobalt Supported by Tight Supply and New Export Quotas in Congo

In the cobalt market, Goldman Sachs noted that new export quotas imposed by the Democratic Republic of the Congo — which supplies 70% of the world’s cobalt — are likely to create a supply deficit in 2026, supporting prices as market tightness intensifies.

Lithium to Stay Weak Through 2026 Amid Oversupply

The bank also expects lithium prices to remain subdued for longer, averaging $8,900 per metric ton in 2026, as persistent oversupply keeps the market in a glut.

As of 15:14 GMT, spot nickel traded steady at $14,900 per ton.

Bitcoin prices edged slightly higher on Wednesday but remained near recent lows, as cryptocurrency markets continued to struggle in the aftermath of the violent early-October flash crash.

The broader risk-off sentiment in global markets offered little support to digital assets, which have largely underperformed other high-risk classes this year. Persistent uncertainty surrounding the US economy, renewed trade tensions with China, and limited investor interest despite gold’s overnight plunge all weighed on the crypto sector.

Bitcoin rose 0.9% to $108,516.3 as of 01:07 a.m. Eastern Time (05:07 GMT).

Bitcoin Struggles to Recover as “Uptober” Optimism Fades

The world’s largest cryptocurrency had fallen earlier this month to a low of $103,000 and has since failed to break above $110,000.

Crypto markets overall have struggled this month as optimism around the so-called “Uptober” rally — a historical pattern of strong October performance — faded.

Bitcoin is now down roughly 2% month-to-date, a sharp contrast to the 10% gain recorded during the same period last year.

While early-month optimism briefly lifted prices, momentum faded as risk appetite weakened, leaving digital assets trailing the broader recovery in global markets — especially equities — over recent weeks.

Asian Exchanges Push Back Against Corporate Digital Treasury Plans

Adding further pressure, Bloomberg reported that three of the largest stock exchanges in the Asia-Pacific region are reviewing the plans of listed companies seeking to pivot toward digital asset–based business models.

According to the report, Hong Kong’s exchange operator (HKEX) rejected at least five firms’ proposals to adopt “digital asset treasury” strategies, citing rules that restrict large holdings of liquid assets.

Similar plans reportedly faced pushback in Australia and India.

Bloomberg’s report comes amid rising skepticism about the long-term viability of corporate digital treasury strategies, popularized by MicroStrategy (NASDAQ:MSTR).

Investors have questioned whether such companies can generate sustainable returns from large crypto reserves, especially during prolonged market weakness. Analysts earlier this year warned of excessive crowding in the corporate digital-asset space.

Crypto Prices Today: Altcoins Underperform as Bitcoin Recovery Slows

Alternative cryptocurrencies (altcoins) traded in a narrow, downward-sloping range, with weak sentiment and a lack of immediate catalysts weighing on the sector.

Ethereum (ETH), the second-largest cryptocurrency, fell 0.5% to $3,843.59. BNB dropped 0.7% to $1,061.70. Ripple’s XRP declined 1.2%, Cardano (ADA) slipped 0.9%, and Solana (SOL) was little changed.