Gold Holds Near $4,100 as ETF Demand Hits 2026 Highs Despite Inflation Pressure

Gold is trading near $4,100 per ounce in late October 2026, holding key support even as elevated inflation data and rising Treasury yields keep prices under pressure. Silver is trading near $57 per ounce after briefly dipping toward the July lows around $55. The macro picture is complicated. The Federal Reserve delivered a 25-basis-point rate hike in September. It was the first tightening since July 2023, and markets are weighing the odds of another hike at the October 28 meeting. Higher real yields and a stronger dollar typically weigh on precious metals. Gold briefly dipped below $4,100 after the September CPI release before recovering. What stands out is that gold ETF holdings have moved in the opposite direction. Bloomberg-tracked gold ETF holdings hit a year-to-date peak of 101.3 million ounces in early October, up more than 5% from the July low. That suggests institutional and retail investors are treating any dip as a buying opportunity, not a reason to exit. Asian-listed gold funds accounted for nearly half of the 12-month increase in global ETF holdings, a structural shift in who is driving demand for the metal. Silver's picture is more sensitive to monetary policy. The break below $60 per ounce weakens the near-term technical setup, but industrial demand for silver in solar panels, EV batteries, and electronics keeps growing. The silver supply deficit is expected to reach 46.3 million ounces in 2026, the sixth consecutive annual deficit. For collectors and investors watching the market, current prices offer a window to add physical gold and silver at levels well below the January 2026 peaks. Commonwealth Coins and Collectibles offers silver rounds and junk silver for buyers looking to add physical silver at bullion prices. Visit www.ccandc.gold to see current inventory.