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BlackRock’s Evy Hambro expects gold to keep rising as government debt, deficits and currency depreciation worsen. He told MoneyWeek that gold miners again offer about three times the leverage to the gold price, because mining costs are rising more slowly than prices. When he began his career about three decades ago, gold was about $400 an ounce and copper about 60 cents a pound. They are now about $4,000 and $6 a pound. Source: investingLive

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Gold’s sharp drop on October 22 looks somewhat overdone, according to Mirae Asset Sharekhan. “Sharp decline in gold prices on October 22 came mainly on higher oil prices, which looks somewhat overdone as the US yields fell,” said Praveen Singh, head of commodities. “As oil prices are expected to rise further, the shiny metal may fall further.” He said a decisive breach of $4,000 support would bring $3,930 into focus. Source: Business Standard

Margin calls from the tech sell-off have pushed traders to sell gold and silver, according to American Gold Exchange @AmGoldEx . “Heightened inflation concerns suggest that major central banks of the world won’t be able to ease monetary policies as quickly as they want to,” market analyst Jim Wyckoff said. “All that’s working against the gold and silver market bulls at present.”

HSBC: gold is a source of cash in a sell-off. HSBC Asset Management strategists say gold has failed as a short-term hedge during stock sell-offs, because margin calls force leveraged holders to sell bullion. They still see a long-term case built on currency debasement, central bank diversification and geopolitical fragmentation.

The gold market appears more focused on higher oil prices and what they could mean for inflation, and ultimately central bank policy, according to ING. “Gold prices failed to benefit from [Thursday’s] equity sell-off and the significant fall in US Treasury yields, with the 10-year yield falling back below 5%. Instead, gold prices came under pressure,” @warrenpatCMDTY and Ewa Manthey of ING wrote in Friday’s Commodities Feed. Source: ING THINK

Capital Economics says higher oil prices and a hawkish Fed could weigh on gold. “The rise in oil prices could result in real interest rates remaining higher for longer, which would reduce the relative attractiveness of investing in and holding gold,” climate and commodities economist Hamad Hussain said on Friday. On Thursday he said PCE data “will show that prices rose at an uncomfortably high pace for the Fed” and that FOMC communications “may strike a hawkish tone and that could weigh on gold prices.” Source: Reuters

UBS says $4,000 is where dip buyers step in for gold. “Still, we think gold has proved notably resilient to the sharp rise in yields,” strategist Giovanni Staunovo said in a note on Friday. “In the near term, gold may retest support around USD 4,000/oz, where we expect structural dip buyers to establish a floor.” UBS kept its forecast of 750 to 1,000 metric tons of annual central bank buying and sees gold resuming its uptrend toward year-end and into 2027. Source: Investing.com

Gold slipped below $4,000 an ounce on Friday for the first time since mid-July, touching $3,975.23. The metal was on track for its worst week since June, down about 4%. Brent hit a five-month high, and traders priced an 83% chance of a December Fed rate hike on CME FedWatch. Source: Reuters

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Copper producers are still ahead of the broader market in 2026, despite a tough week. Change from the Jan 2 close: • Southern Copper, +29.1% • Freeport-McMoRan, +26.9% • Teck, +23.9% • Copper futures, +15.2% • S&P 500, +12.2%

A US government-backed venture is nearing a 40% stake in Glencore’s majority interests in two major copper-cobalt operations in Congo, Bloomberg reports. Chinese firms dominate output of both metals in Congo, the largest source of cobalt. Orion CMC was founded by Orion Resource Partners, the US International Development Finance Corp. and Abu Dhabi’s L’imad Holding. It targets an eventual $5 billion pool. A preliminary deal was announced in February. The value has not been disclosed. “We’re just looking to create a supply chain that doesn’t allow for monopolistic behavior by any one country,” Orion Resource Partners’ chief executive said.

Canaccord Genuity says ex-China NdPr prices are up 23% this year while the rare earth producers it covers are down 28% on average. NdPr is above the $110 a kilogram price floor. Developers are down 17% on average this year, and producers trade at 0.57 times net asset value. Canaccord says equity performance has been driven more by global macro factors than by rare earth fundamentals.

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Gold is down 3.3% over the past year. Newmont is up 24.6%. GDX is up 9.7%. Newmont's Q3: all-in costs of $1,454/oz, $1.9bn of free cash flow, $3.2bn net cash. At $4,010 gold, that leaves roughly $2,550/oz of margin. The cash machine is still running.

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Higher diesel prices are pushing up costs at copper mines. • Capstone Copper’s second-quarter C1 cash costs rose 15% year on year to $2.82 a pound • At Mantos Blancos, they rose 88% to $3.93 a pound, with higher mining costs, mainly diesel, adding about 34 cents • Antofagasta raised its full-year cash cost guidance to $2.60 to $2.70 a pound from $2.40 to $2.60, citing higher global diesel prices Stronger copper prices and by-product credits have helped some producers absorb the increase, but falling metal prices could add pressure.