Gold and silver both popped over +4% overnight, their best day since February, taking precious metals miners along for the ride Barrick (+7.4%) and Newmont (+6.7%). The catalysts for the move was a soft private payrolls report and easing energy cost’s reducing fears of multiple Fed rate hikes into Christmas – note credit markets are still pricing in at least one hike in the remainder of 2026.
- We can see gold initially testing US$4,500 as the market moves on from the US-Iran conflict and subsequent inflation fears.
MM is bullish towards Gold around US$4,250
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