Analysts at Heraeus observe that the 10-year Treasury yield has retreated toward 5.0% from recent highs of 5.35%, driven by investor anxiety over artificial intelligence valuations and heavy financing needs. Despite this bond rally, gold has struggled to maintain momentum, hovering near $4,000 per ounce. The metal faces direct competition for safe-haven capital from high-yielding government debt, while the Central Bank of Russia continues to divest its holdings. Moscow sold approximately 6 tonnes in September, marking its tenth consecutive month of sales and pushing reserves to a 2019 low of 2,260 tonnes.

Silver faces its own set of headwinds as Fresnillo, the world’s largest primary silver producer, reports a production slump. Output for the first nine months of 2026 fell 11.5% to 32.4 million ounces compared to the previous year, hampered by lower grades at the Juanicipio, Saucito, and San Julián mines. With the silver price slipping below $55 per ounce—a breach of July lows—market sentiment has soured. Should this downward trend persist, the $50 psychological support level remains the next critical threshold for the metal.