Gold ETF Falls 0.7% as Silver Dips 0.1% | Precious Metals Report, Oct 2
Key Facts
- Gold ETF fell the SPDR Gold Shares fund (GLD) closed at US$380.14 on Friday, October 2, 2026, down 0.68%.
- Silver edged lower spot silver ended at US$61.07 an ounce, down 0.12%, while the iShares Silver Trust (SLV) fell 0.51% to US$54.74.
- Yields rose the US 10-year Treasury yield rose to 5.28% from 5.24%, raising the opportunity cost of holding non-interest-bearing metals.
- Dollar softened the dollar index fell 0.17% to 101.92, which did not lift metals.
- Mexico leads silver mining Mexico is the world’s largest silver producer.
- Peru second in silver Peru is also a leading producer, mostly from polymetallic mines that also yield zinc, lead and copper.
Today’s Focus
Gold-backed funds fell on Friday 2 October 2026 as the US reported weak jobs data. The SPDR Gold Shares fund (GLD) closed at US$380.14, down 0.68%. Spot silver ended at US$61.07 an ounce, down 0.12%.
The US 10-year Treasury yield rose to 5.28% from 5.24%, which makes non-interest-bearing metals less attractive. The dollar index fell 0.17% to 101.92, so a weaker dollar did not offset the move. We could not verify a Friday closing price for spot gold; on Thursday it settled at US$4,182.29 an ounce, up 0.63%.
For Latin America, the session underscores the region’s mining weight. Mexico is the world’s top silver producer, and Peru is also a leading one.
What matters today. Metals slipped on a day of rising US yields, even as weak US jobs data and a softer dollar might have been expected to help.
01 The session in one read
Gold-backed funds and silver both ended Friday slightly lower. GLD fell 0.68% to US$380.14, SLV fell 0.51% to US$54.74, and spot silver slipped 0.12% to US$61.07 an ounce.
The US 10-year Treasury yield rose to 5.28% from 5.24%, a headwind for metals that pay no interest. The dollar index fell 0.17%, so the dollar was not the cause of the decline.
The same morning US payrolls rose only 29,000 against a forecast of 90,000. We found no verified explanation for how gold traders read that miss.
Friday’s moves were small and point to higher yields rather than the dollar as the main pressure on bullion. The variable to watch is whether the 10-year yield holds above 5.28% as markets reassess US interest rates after the jobs report.
02 The board
The gold-tracking fund GLD closed at US$380.14, down 0.68% on Friday 2 October 2026. Spot silver closed at US$61.07 an ounce, down 0.12%, and the silver fund SLV at US$54.74, down 0.51%.
The dollar index fell 0.17% to 101.92, while the US 10-year Treasury yield rose to 5.28% from 5.24%.
| Asset | Level | Change |
|---|---|---|
| Gold (GLD fund) | US$380.14 | -0.68% |
| Silver (spot) | US$61.07/oz | -0.12% |
| Silver (SLV fund) | US$54.74 | -0.51% |
Source: RT close, 2026-10-02. Where a commodity has no spot feed, an exchange-traded tracker or leading producer is shown as a labelled proxy.
Calendar, 2 October (US). September Non Farm Payrolls rose 29,000 (forecast +90,000; August revised to +133,000 from +162,000). Nonfarm Payrolls Private rose 46,000 (forecast +85,000), Manufacturing Payrolls rose 9,000 (forecast +10,000) and Government Payrolls fell 17,000 (forecast +15,000). The Unemployment Rate rose to 4.2% (forecast 4.1%) and the U-6 Unemployment Rate, a broader measure that includes part-time workers who want full-time jobs, eased to 7.6% (forecast 7.7%). Source: US Bureau of Labor Statistics. Gold-backed funds fell on the day, while Treasury yields rose.
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Latin America — Cross-Market Board
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| IBOV | 192,114.55 | +2.63% | +21.85% | 187,197.46 | 168,310 | 167,142 | — |
| IPSA | 10,916.59 | +0.08% | — | 10,908.18 | 11,210 | 10,984 | 1,513,213,483 |
| IPC MEX | 63,712.24 | -0.18% | +12.17% | 63,828.60 | 66,121 | 65,405 | 108,886,187 |
| MERVAL | 2,767,663 | +0.32% | +30.51% | 3,022,485 | 3,042,365 | 2,991,150 | — |
| COLCAP | 2,515.02 | -0.59% | — | 9.04 | 9.05 | 9.02 | 4,133 |
| BVL PERÚ | 59,751.67 | +0.18% | — | — | — | — | — |
| USD/BRL | 5.16 | +0.01% | -5.13% | 5.16 | 5.18 | 5.14 | — |
| EUR/BRL | 5.95 | +1.01% | -5.83% | 5.89 | 5.98 | 5.94 | — |
| USD/MXN | 17.06 | -0.24% | -8.58% | 17.10 | 17.08 | 17.01 | — |
| USD/CLP | 913.98 | +0.04% | -5.67% | 913.65 | 915.11 | 906.68 | — |
| USD/COP | 3,140 | +0.03% | -22.04% | 3,139 | 3,141 | 3,105 | — |
| USD/PEN | 3.36 | -0.66% | -4.82% | 3.38 | 3.38 | 3.35 | — |
| USD/ARS | 1,493 | +0.10% | +12.96% | 1,491 | 1,494 | 1,480 | — |
| USD/UYU | 40.27 | +1.24% | +1.80% | 39.77 | 40.27 | 40.23 | — |
| USD/PYG | 5,939 | +1.68% | -19.54% | 5,841 | 5,939 | 5,925 | — |
| USD/BOB | 11.64 | -0.76% | +72.04% | 11.73 | 11.72 | 11.64 | — |
| USD/DOP | 58.34 | +1.25% | -3.44% | 57.62 | 58.34 | 58.04 | — |
| USD/CRC | 445.92 | +0.89% | -9.71% | 441.97 | 448.50 | 445.92 | — |
03 What moved it
The clearest signal was the bond market. The US 10-year Treasury yield rose to 5.28% from 5.24%, which raises the return on holding bonds instead of gold and silver.
The dollar did not help or hurt much: the dollar index fell 0.17% to 101.92. A weaker dollar normally supports dollar-priced bullion, so the fall in GLD suggests yields outweighed it.
We found no verified report that explains the size of the move beyond rates, so we do not attribute it to haven demand or other factors.
04 The Latin American read
Mexico is the world’s largest silver-producing country, and Peru is also a leading producer.
Peru’s silver output commonly comes from polymetallic mines that also produce zinc, lead and copper. That means silver price moves often track broader industrial metal demand in the Andes.
For foreign investors, the session shows how Latin American miners sit at the intersection of haven flows and industrial demand. A higher silver price supports revenue for Mexican and Peruvian producers, even as a stronger dollar raises local costs in some cases.
05 The names to watch
Silver miners with Latin American assets traded higher on Friday even as metal prices slipped: Pan American Silver rose 1.18% to US$45.51 and Fortuna Mining 0.72% to US$11.25, while Peru’s Buenaventura fell 0.32% to US$31.39.
For investors, the split shows that equity prices can move differently from the metal on a quiet day. Mexico and Peru remain the main silver suppliers.
06 The outlook
The next test is whether Treasury yields keep rising. If the 10-year yield stays above 5.28%, metals may stay under pressure; a fall would ease it.
For Latin America, the metals complex remains a two-speed story. Gold offers defensive appeal while silver adds industrial leverage, with Mexico and Peru the region’s main silver suppliers.
07 What to watch
- US 10-year Treasury yield: Whether it holds above 5.28% or falls back toward 5.24%.
- Dollar index: At 101.92 after a 0.17% fall; a rebound would add pressure on dollar-priced bullion.
- Gold spot close: We could not verify Friday’s spot close; Monday’s open will show where gold settled after the jobs report.
- Silver industrial demand: Manufacturing expectations, especially in China, will decide whether silver keeps pace with gold.
Why did gold-backed funds fall on Friday, October 2, 2026?
The SPDR Gold Shares fund fell 0.68% to US$380.14 as the US 10-year Treasury yield rose to 5.28% from 5.24%, raising the opportunity cost of holding non-interest-bearing metals. We could not verify a spot gold close.
What did silver do?
Spot silver slipped 0.12% to US$61.07 an ounce, while the iShares Silver Trust fell 0.51% to US$54.74.
Which Latin American country is the top silver producer?
Mexico is the world’s largest silver producer, and Peru is also a leading one.
Did a stronger dollar hurt metals?
The dollar did not strengthen: the dollar index fell 0.17% to 101.92. Rising Treasury yields were the clearer headwind.
Market data: RT
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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