By the end of September, the dynamics of the global metals market are increasingly dependent on the dollar exchange rate, bond yields, and expectations regarding the Fed's policy. Rising yields in the US and Europe and a strengthening US currency limit the attractiveness of precious metals. Gold is trading around $4170 per ounce after falling to a more than seven-week low, while silver holds slightly above $61.
Opposing factors are simultaneously at play in the gold market. Geopolitical and debt risks support interest in safe-haven assets, but rising oil prices intensify inflation concerns and expectations of tight monetary policy. Buyers are active in the $4000–4150 per ounce range, but rising yields again limit the recovery of quotes. Silver, meanwhile, remains more volatile due to a combination of investment and industrial demand. Platinum is priced around $1700, palladium — $1210–1220 per ounce.
In the industrial segment, copper attracts the most attention. Its price holds around $6.6 per pound, not far from the September high of approximately $6.85. Over the year, the metal has risen by more than 35%. The market is supported by demand from energy, power grids, data centers, and AI infrastructure, as well as changes in trade flows. Anticipation of American tariffs stimulates copper supplies to the US, while China simultaneously increases its reserves.
Zinc remains around $3860 per ton after a recent rise above $4000, and aluminum trades at approximately $3250. For zinc, support comes from reduced production in China, maintenance of certain facilities, and low exchange inventories. In the case of aluminum, some concerns regarding supplies from the Persian Gulf have eased, but limited warehouse stocks prevent quotes from undergoing a deep correction. As a result, precious metals are currently reacting primarily to financial conditions, while industrial raw materials are reacting to physical availability and structural demand.