Gold futures on the New York Mercantile Exchange pushed higher on the 9th, with the most actively traded December 2026 contract rising 1.52% to settle at $4,220.30 per ounce, touching a one-week high.

Gold and silver prices advanced on the day, supported by a weaker U.S. dollar, declining U.S. Treasury yields and retreating oil prices.

Preliminary survey data released by the University of Michigan on the 9th showed the initial October reading of U.S. consumer sentiment fell to 46.3 from 48.1 in September, marking a third consecutive monthly decline. At the same time, consumers' one-year inflation expectations rose to 4.7% from 4.6% in September, while longer-term inflation expectations climbed to 3.5% from 3.4%, both reaching their highest levels since May. The report proved supportive for gold.

U.S. President Donald Trump recently said the United States would not attack Iran before the November 3 midterm elections and that U.S.-Iran talks had been productive, causing oil prices to pull back. The drop in oil prices lifted gold.

Minutes from the Federal Reserve's September meeting showed the committee fully backed a rate hike, but also exposed divisions among policymakers: some viewed the move as precautionary, while others saw it as the start of a tightening cycle. The Fed continued to speak out this week, with Fed Governor Christopher Waller supporting further rate increases but not necessarily consecutive ones. St. Louis Fed President Alberto Musalem said inflation remains elevated and the strong performance of the labor market indicates the Fed must focus on tackling inflation.

Next week, September readings for the Consumer Price Index (CPI) and Producer Price Index (PPI) are due for release.

Silver futures for December delivery rose 2.84% on the day to settle at $61.11 per ounce.