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On Tuesday October 13, 2026, physical gold firmed through the morning session as a retreating U.S. dollar and easing Treasury yields pulled buyers back into bullion, even as traders positioned ahead of Wednesday’s U.S. inflation print. Gold spot price is trading at $4,184.28 per ounce, up $11.68 (+0.28%) on the day. Silver spot price is trading at $60.53 per ounce, up $0.22 (+0.35%) on the day. The gold/silver ratio sits near 69.1, little changed, with silver still down roughly 15% year to date. The dominant tailwind is monetary, not speculative: the dollar is backing away from an 18-month high reached last week as yields and crude oil ease, cutting the opportunity cost of holding non-yielding metal. Official demand remains the structural floor beneath the tape — the People’s Bank of China added about 23 tonnes of gold in September, its biggest monthly purchase in nearly three years and its longest buying streak in at least a decade. Onshore Shanghai premiums are widening into winter, a sign end-user demand in the world’s largest gold market is firming, not fading. Traders now await September U.S. CPI, due Wednesday at 8:30 a.m. ET; this daily precious metals market report frames today’s move as pre-CPI positioning, not a reaction to data that has not been released.
The most important data point today comes from CNBC’s October 12, 2026 report, “Why China is importing a record amount of gold — and what it means for prices”. Chinese customs data show the country imported more than 1,000 tonnes of gold in the first eight months of 2026, worth a record $158.8 billion — already eclipsing the $96.5 billion and 886 tonnes imported in all of 2025. The insight most readers will miss is hidden in that value figure: China is buying more gold, by dollar value, than ever before, precisely as the paper price fell more than 8% in September. That is not bargain-hunting at the margin; it is record physical absorption into price weakness. The report pairs that with the September PBoC purchase and rising onshore Shanghai premiums that State Street’s Aakash Doshi attributes to “stronger winter seasonal demand.” For the physical precious metals market, that divergence is the entire story. Western futures positioning — managed-money liquidation on COMEX — drove September’s selloff on screens. Meanwhile, the physical bid from Beijing, from Chinese households seeking a dollar alternative, and from the central bank itself quietly cleared record tonnage off the market. Metal that moves into Chinese vaults at these premiums does not come back at these prices. For stackers, jewelers, and allocators, the actionable read is that every dollar of paper-driven weakness is being met by structural, price-insensitive Eastern demand — the surest long-run support a physical holder can own. Those tracking the gold spot price today and the silver spot price today should read dips the way the East reads them: as accumulation, not exit. It is why disciplined buyers favor durable physical forms such as pre-1933 gold coins to hold the metal through the cycle. That is the signal this daily precious metals market report keeps returning to: in gold, the physical market, not the paper tape, ultimately sets the terms.
