[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-sidebar-cat-1-en-105":3,"doc-seo-571144-105":53,"doc-detail-571144-en":119},{"code":4,"msg":5,"data":6},0,"success",[7,14,19,24,29,34,39,44,49],{"id":8,"doc_module":9,"doc_module_name":10,"category_name":11,"show_sort_weight":12,"slug":13},11,1,"Template","Presentations",90,"presentations",{"id":15,"doc_module":9,"doc_module_name":10,"category_name":16,"show_sort_weight":17,"slug":18},12,"Resumes",80,"resumes",{"id":20,"doc_module":9,"doc_module_name":10,"category_name":21,"show_sort_weight":22,"slug":23},14,"Invoices",70,"invoices",{"id":25,"doc_module":9,"doc_module_name":10,"category_name":26,"show_sort_weight":27,"slug":28},15,"Posters",60,"posters",{"id":30,"doc_module":9,"doc_module_name":10,"category_name":31,"show_sort_weight":32,"slug":33},16,"Social Media",50,"social-media",{"id":35,"doc_module":9,"doc_module_name":10,"category_name":36,"show_sort_weight":37,"slug":38},17,"Forms",40,"forms",{"id":40,"doc_module":9,"doc_module_name":10,"category_name":41,"show_sort_weight":42,"slug":43},18,"Letters",30,"letters",{"id":45,"doc_module":9,"doc_module_name":10,"category_name":46,"show_sort_weight":47,"slug":48},21,"Paper Templates",5,"papers-templates",{"id":50,"doc_module":9,"doc_module_name":10,"category_name":51,"show_sort_weight":4,"slug":52},158,"General","general-158",{"code":4,"msg":54,"data":55},"ok",{"site_id":56,"language":57,"slug":58,"title":59,"keywords":60,"description":61,"schema_data":62,"social_meta":112,"head_meta":114,"extra_data":116,"updated_unix":118},105,"en","precious-metals-tracker-tentative-relief-christopher-wong-precious-metals-strategist","Precious Metals Tracker - Tentative Relief - Christopher Wong - Precious Metals Strategist","","Precious metals outlook report assessing the recent rebound across gold, silver, and platinum/palladium. The analysis links price action to easing long-end UST yields and a softer USD, supported by solid US 30-year Treasury auction demand and less pressure from oil easing. It highlights gold’s inverse relationship with 30Y yields, tracker signals from gold ETF holdings and positioning, and makes next-week US CPI the key catalyst. Silver recovery is attributed to cleaner positioning but limited conviction, while PGM bottoms remain tentative amid supply and processing watchpoints.",{"@graph":63,"@context":111},[64,80,102],{"@type":65,"itemListElement":66},"BreadcrumbList",[67,71,74,77],{"item":68,"name":69,"@type":70,"position":9},"https://docshare.wps.com","Home","ListItem",{"item":72,"name":10,"@type":70,"position":73},"https://docshare.wps.com/template/",2,{"item":75,"name":51,"@type":70,"position":76},"https://docshare.wps.com/template/general/",3,{"item":78,"name":59,"@type":70,"position":79},"https://docshare.wps.com/template/precious-metals-tracker-tentative-relief-christopher-wong-precious-metals-strategist/571144/",4,{"url":78,"name":59,"@type":81,"image":82,"author":87,"headline":59,"publisher":90,"fileFormat":93,"inLanguage":57,"description":61,"dateModified":94,"datePublished":95,"encodingFormat":93,"isAccessibleForFree":96,"interactionStatistic":97},"DigitalDocument",{"url":83,"@type":84,"width":85,"height":86},"https://docshare.wps.com/thumbnails/precious-metals-tracker-tentative-relief-christopher-wong-precious-metals-strategist/571144.png","ImageObject",442,249,{"name":88,"@type":89},"supergirl","Person",{"url":68,"name":91,"@type":92},"DocShare","Organization","application/pdf","2026-10-25","2026-10-13",true,{"@type":98,"interactionType":99,"userInteractionCount":101},"InteractionCounter",{"@type":100},"ViewAction",7,{"@type":103,"mainEntity":104},"FAQPage",[105],{"name":106,"@type":107,"acceptedAnswer":108},"Why does the report treat next week’s US CPI as the key test?","Question",{"text":109,"@type":110},"It argues that softer inflation would reinforce the pullback in yields and the USD, giving gold a clearer catalyst, while a firmer CPI print could quickly reverse today’s rates relief.","Answer","https://schema.org",{"og:url":78,"og:type":113,"og:title":59,"og:site_name":91,"og:description":61},"article",{"robots":115,"canonical":78},"index,follow",{"doc_id":117,"site_id":56},571144,1792092907,{"code":4,"msg":5,"data":120},{"doc_id":117,"user_id":121,"nickname":88,"user_avatar":122,"doc_module":9,"category_id":50,"category_name":51,"doc_title":59,"doc_description":61,"doc_content":123,"file_id":124,"file_url":125,"file_type":126,"file_size":127,"view_count":101,"is_deleted":4,"is_public":9,"is_downloadable":9,"audit_status":9,"page_count":128,"language":129,"language_code":57,"site_id":56,"html_lang":57,"table_of_contents":130,"faqs":131,"seo_title":132,"seo_description":61,"update_tm":133,"read_time":76},962088121634,"https://ap-avatar.wpscdn.com/davatar_9964176cb1d06d4a9deccf72a44ae3dc","Precious Metals Tracker  \nTentative Relief  \nChristopher Wong  \nPrecious Metals Strategist  \n• Gold: Easing long-end UST yields and a softer USD have supported arebound, while ETF demand remains resilient. Next week’s US CPI will be key; softer inflation could reinforce the rates relief and extend gold’s recovery, while a firmer print risks renewed downward pressure.  \n• Silver: Sharply reduced speculative positioning leaves room for longs to rebuild, particularly if US yields and the USD ease further. Weremain tactically constructive, although sustained gains would require firmer investment flows.  \n• Platinum & palladium: PGM metals are showing signs of forming interim bottoms. While the resolution of the Stillwater strike may ease supply concerns, potential South African processing constraints and Chinese restocking warrant monitoring.  \nPrecious metals—Relief bounce as long-end yields eased  \nPrecious metals rebounded on Friday as the USD softened and longend UST yields retreated following solid demand at the US 30-year Treasury auction. Silver and PGMs joined gold in recovering from recent lows, with easing oil prices also providing some relief to inflation concerns.  \nWhile the rebound is encouraging, the sustainability of the recovery will likely hinge on whether US yields and the USD continue to ease, with next week’s US CPI an important test.  \nSource: Bloomberg, OCBC Group Research  \nGold – Yields/ oil channel matters; US CPI next  \nGold has regained some ground on Friday, rising more than 1% towards as the USD softened and UST yields extended their pullback. The move followed solid demand at Thursday’s US 30-year auction, which helped ease pressure at the long end after yields had reached multi-decade highs earlier in the week. Oil prices easing away from highs have also provided some relief to the inflation/rates backdrop.  \nThe rebound reinforces the importance of long-end yields for precious metals including gold. Weaker payrolls last Fri (2 Oct) alone failed to sustain gains earlier in the week, but the subsequent easing in yields has provided a more supportive combination.  \nInverse correlation between Gold and 30y UST yield  \nNote: Rolling correlation calculated using daily changes in gold and 30y UST yield.  \nSource: Bloomberg, OCBC Group Research  \nThe 30d correlation between daily gold returns and changes in the US 30Y yield has moved to around-0.45. Gold’s rebound as long-end yields eased following the 30-year auction is consistent with that relationship, although one session should not be overstated. More broadly, softer US data are likely to provide more durable support for gold if they are accompanied by a sustained decline in longer-dated yields.  \nImplied probability of Fed hike in Oct fell sharply  \nSource: Bloomberg, OCBC Group Research  \nBeyond the price action, our tracker (page 5) shows Bloomberg-tracked gold ETF holdings continue to rise, while managed-money positioning has become less stretched. The options signal remains more defensive, however, with the 1m 25-delta risk reversal still negative.  \nTaken together, longer-horizon investment demand remains relatively resilient, but the options market continues to price some downside caution.  \nWeek ahead – US CPI becomes the next test  \nNear term, today’s easing in long-end yields is encouraging, but we would want to see this extend before calling a more durable turn in gold. The strong 30-year auction suggests there is still demand for duration at these yield levels, but oil remains elevated and Fed officials continue to signal that further tightening may be required.  \nNext week’s US CPI release (14 Oct) therefore becomes particularly important. An outcome of softer inflation could reinforce the pullback in long-end yields and the USD, potentially giving gold a cleaner catalyst to recover. Conversely, a firmer CPI print could quickly reverse today’s rates relief.  \nSilver—Cleaner positioning, but lacks conviction for now  \nSilver rebounded stro","cbCaibgNuUr5HiMi","https://ap.wps.com/l/cbCaibgNuUr5HiMi","pdf",938643,9,"English","# Precious Metals Tracker - Tentative Relief\n## Gold: Relief bounce as long-end yields eased\n## Silver: Cleaner positioning, but lacks conviction for now\n## Platinum & Palladium: Rebound\n## Week ahead – US CPI becomes the next test","[{\"question\":\"Why does the report treat next week’s US CPI as the key test?\",\"answer\":\"It argues that softer inflation would reinforce the pullback in yields and the USD, giving gold a clearer catalyst, while a firmer CPI print could quickly reverse today’s rates relief.\"}]","Precious Metals Tracker - Tentative Relief - Christopher Wong - Precious Metals Strategist | PDF",1791895753]