Precious Metals Market Update: October 29, 2025
Gold Prices Rebound Ahead of Federal Reserve Decision
On October 29, 2025, gold prices experienced a rebound, with spot gold rising by 0.7% to $3,977.30 per ounce. This uptick comes after the metal reached a three-week low in the previous session. The recovery is largely attributed to bargain hunting by investors ahead of the anticipated Federal Reserve interest rate decision, which is expected to result in a quarter-point cut. Analysts suggest that while short-term technical factors may exert downward pressure, the broader outlook for gold remains bullish due to ongoing geopolitical and economic uncertainties. Source
Silver Nears $48 Amid Volatile October
Silver prices have shown significant volatility throughout October. After reaching a record high of approximately $54.50 per ounce in mid-October, silver experienced a sharp decline, dropping about 6% to $51.9 per ounce on October 17. This pullback was linked to easing credit-market fears and calmer trade tensions, which reduced defensive buying. Despite the recent fluctuations, silver remains up more than 70% year-to-date, supported by robust industrial demand from sectors such as electronics, data centers, and energy, amid tight global supply. Source
Platinum Pauses Below $1,540 After 14-Year High
Platinum prices have surged nearly 70% this year, driven by persistent US-China trade tensions, ongoing geopolitical issues, and robust market expectations of upcoming Federal Reserve rate cuts. On October 16, platinum reached a 14-year high of $1,744 per ounce before pulling back to below $1,540. The retreat is seen as a consolidation of gains, with demand remaining strong, particularly in automotive catalytic converters and hydrogen fuel cell technology. Supply constraints, especially from South Africa, the world's top producer, continue to support higher prices. Source
Palladium Advances Amid Industrial Demand
Palladium prices have also seen significant movement, with spot prices rising 0.9% to $1,405.99 per ounce on October 29. The metal's strength is closely tied to its industrial applications, particularly in catalytic converters for gasoline engines. Analysts note that palladium's performance is influenced by platinum's market dynamics, and while demand remains robust, factors such as US labor-market weakness and persistent inflation could cap demand growth. Source
Market Outlook and Investor Sentiment
The precious metals market continues to be influenced by a combination of macroeconomic drivers, including geopolitical tensions, economic uncertainties, and expectations of monetary policy adjustments. While short-term technical factors may lead to price fluctuations, the overall sentiment remains bullish, particularly for gold and silver, due to their safe-haven appeal. Investors are advised to monitor central bank decisions and global economic indicators closely, as these will play a crucial role in shaping the market dynamics for precious metals in the coming months.
