By Ben McGregor
Educational content only, not investment advice. Mining stocks are high risk.
Mining industry news this week centered on lower precious-metal prices and steady copper levels as markets prepared for the Federal Reserve meeting. Gold closed at $3,995.81 per troy ounce on Friday, October 23, 2026, according to GoldPrice.com. Silver finished near $53.90 and copper held around $6.48 to $6.51 per pound. The moves reflected higher oil prices and rising expectations for interest rates to stay elevated.
Gold fell about 4 percent over the week ending Friday, October 23, 2026, and closed below $4,000 for the first time since mid-July. The Friday close of $3,995.81 was down 0.71 percent from the prior day. Higher oil prices near $115 a barrel and U.S. 10-year Treasury yields at 5.00 percent reduced the appeal of non-yielding metals. Spot prices briefly touched levels near $3,975 during the session before recovering. The gold-silver ratio ended near 74.1, which means one ounce of gold bought about 74 ounces of silver. Year-to-date, gold remains down roughly 8.5 percent from its January peak above $5,400.
Silver closed at $53.90 per troy ounce on Friday, October 23, 2026, down 1.27 percent on the day and about 5.4 percent for the week. The metal has declined from levels above $60 earlier in the year. Industrial demand from solar panels and electronics remains a structural support, but higher real yields have weighed on prices in the short term. Several Canadian silver producers reported quarterly production figures in recent weeks, including record output at Aya Gold & Silver’s Zgounder mine in Morocco. Investors will watch whether prices stabilize above $50 or test lower levels if the Federal Reserve signals further tightening.
Copper futures settled near $6.48 to $6.51 per pound on Friday, October 23, 2026, up roughly 1.6 to 1.7 percent on the day but down slightly for the week. The metal remains well above levels from a year earlier. Supply concerns continue to support prices even as some producers report lower grades. Southern Copper said on October 23, 2026, that it is evaluating a $680 million expansion at its Cuajone mine in Peru. The project would raise milling capacity from 90,000 to 120,000 tonnes per day and is expected to add about 55,000 tonnes of copper annually. Grupo Mexico also reported higher profits on stronger metal prices while trimming its 2026 copper guidance slightly. These developments form part of the broader copper market news that tracks both near-term production and longer-term project pipelines.
Canadian mining stocks and projects received several updates this week. Copper Fox Metals reported progress on technical work at the Schaft Creek copper-gold-molybdenum project in British Columbia, where Teck Resources holds a 75 percent interest. The joint venture is advancing metallurgical studies, environmental baseline data, and an access-road trade-off analysis with a 2026 budget of C$9.1 million. Elsewhere, Hudbay Minerals and Mitsubishi approved construction of the Copper World project in Arizona after completing a definitive feasibility study, with first production targeted for 2029. These announcements highlight ongoing activity in copper and gold development even as metal prices have softened from earlier highs. Mining industry news from Canada often focuses on permitting timelines and capital allocation decisions that can take years to resolve.
Platinum closed near $1,550.50 and palladium near $1,042 on Friday, October 23, 2026, both lower on the week. The broader metals market outlook remains tied to the Federal Reserve decision on October 28, 2026. The current federal funds target range stands at 3.75 to 4.00 percent after a 25-basis-point increase in September. Markets largely expect the committee to hold rates at this meeting, though commentary on inflation and future moves will matter for non-yielding metals. Higher oil prices have also supported inflation concerns that can influence both industrial metals and precious metals. Critical minerals news continues to include efforts to expand domestic supply chains, though few major policy announcements appeared this week.
The Federal Reserve meets on October 27 and 28, 2026, with the policy statement due at 2 p.m. Eastern on October 28. Any signal on the path of rates will affect gold, silver, and copper. Pan American Silver reports third-quarter results on November 4, 2026. Additional silver producer updates are scheduled for early November. Copper market participants will watch for further details on the Cuajone expansion decision and any updates on major projects such as Copper World. Weekly production and inventory data from major exchanges will also show whether physical demand is responding to the recent price declines.
Gold closed at $3,995.81 per troy ounce, silver at $53.90, and copper near $6.48 to $6.51 per pound on Friday, October 23, 2026.
Southern Copper is evaluating a $680 million expansion at its Cuajone mine in Peru, while Canadian projects such as Schaft Creek advanced technical work.
Author
Ben McGregor authors the Weekly Roundup at CanadianMiningReport.com, providing sharp analysis of the metals and mining sector. With a talent for spotting trends, Ben distills complex market shifts into clear, engaging insights on TSXV junior miners. His weekly updates cover gold, copper, uranium, and more, blending data-driven perspectives with a knack for identifying opportunities. A vital resource for investors, Ben’s work navigates the dynamic junior mining landscape with precision.