Gold, silver, platinum, and palladium rebound, precious metals sector rallies, silver and platinum spot markets show strong holiday atmosphere [SMM Flash] - Shanghai Metals Market

AI desk brief

Precious metals rebounded after mixed Fed commentary cooled October hike odds from about 70% to 50%, with a weaker dollar and persistent geopolitical risk adding support. As of 13:32 on Sept. 30, COMEX gold was up 0.55% at $4,202.8/oz, silver up 0.28% at $61.325/oz, platinum up 0.58% and palladium up 1.15%; on the Chinese exchange, SHFE gold rose 1% to 906.8 yuan/g and SHFE silver edged up 0.12% to 14,294 yuan/kg. The precious-metals sector index gained 1.23% on the day, led by gold miners.

Spot trading was thin ahead of the National Day holiday, with SHFE silver/SGE T+D spreads holding around 50-60 yuan/kg and platinum quotes mostly near parity or slight discount/premium versus futures. Market participants said the downside pressure from hawkish Fed rhetoric was eased by Williams’ ‘no need to rush’ tone, while central-bank buying and safe-haven flows continued to underpin gold.