Gold, silver, platinum, and palladium rebound; platinum main contract rises for two consecutive days; precious metals sector strengthens; spot silver trading overall sluggish [SMM Flash] - Shanghai Metals Market

AI desk brief

Precious metals rebounded after Fed Chair Warsh’s IMF comments reduced expectations for an October hike, while oversold positioning, short covering, Middle East risk and US fiscal concerns added support. As of 13:59 on Oct. 19, COMEX gold was up 0.57% at $4,204.9/oz, COMEX silver up 0.99% at $57.875/oz, platinum up 1.92% to 405.85 yuan/g, and palladium up 0.28% to 269.8 yuan/g; the A-share precious-metals sector rose 0.97% at the close.

Spot silver trading remained sluggish despite the price bounce, with end-user buying cautious, quotes wide, and transactions mostly near parity to TD; the SHFE 2612 basis widened to about 35-45 yuan/kg and Shanghai offers were around a 30 yuan/kg discount to SHFE 2612 early in the session. Platinum spot trading improved on tighter ingot supply, with mainstream quotes around parity to a 1 yuan/g premium versus PT2612.

Institutional commentary was mixed but broadly constructive for bullion: UBS said much of the hawkish repricing is already reflected and that lower Treasury yields could aid a rebound; State Street Global Advisors said structural bull-market drivers remain intact and cited $10 billion of global gold ETF inflows in September, taking Q3 inflows to a record $31 billion. State Street kept its end-Q1 2027 gold forecast at $4,750-5,500/oz.