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Gold rallied to $4,219.24 on soft PCE data (headline +3.4% YoY vs +3.7% forecast; core +3.0% vs +3.3%), then surrendered all gains; closed -0.70% at $4,155.93 as 10-year Treasury yield rose to 5.29% (22-year high) and 30-year to 5.63%; silver -1.83% to $60.39; gold -6.7% for September, silver -9.3%; Q3 gold +3.7%, silver +3.4%; October hike odds at 37%; Friday September NFP is next key test; ISM manufacturing (forecast 55.0) and Fed speakers Waller and Williams on deck today.
Russia submits mining windfall tax draft law to State Duma — 30% base rate on copper, nickel, cobalt, iron, aluminum, zinc, lead, tin, tungsten, molybdenum; 20% rate for gold; also covers potassium salts, phosphorites, and precious metal intermediate products (platinum, palladium, iridium, rhodium, ruthenium); triggered only when world price exceeds 2025 base by 10%+; base indexed 1.1x for 2027, 1.21x for 2028; installment provisions for large payers; ~200 billion rubles (~US$2.2B) expected annually 2027-2029.
Mitsubishi Corporation exercises Put Right to sell ~15% Turnagain Joint Venture stake back to Giga Metals Corp (TSX-V: GIGA) for nominal consideration; expected close October 12; Kota Ikenishi (General Manager, Mitsubishi Battery Minerals) cites "broader portfolio review and assessment of the North American nickel and EV markets"; CEO Scott Lendrum pivots to copper exploration on ~80% unexplored Turnagain ultramafic system; Attic Zone focus; 2023 Pre-Feasibility Study completed.
Centinela copper mine (240,400 tonnes in 2025) — five-day government mediation underway; 98.73% strike vote; 708 workers (Minera Esperanza + Distrito Centinela); Chilean copper -9.4% YoY July; China Golden Week closures Oct 1-7; LME copper ~$14,400-$14,450/t.
Sources: - The Rio Times — Gold/PCE September 30 recap: https://www.riotimesonline.com/gold-silver-precious-metals-thursday-october-1-2026/ - Interfax — Russia windfall tax bill: https://interfax.com/newsroom/top-stories/119355/ - GlobeNewswire / Giga Metals — Turnagain/Mitsubishi: https://www.globenewswire.com/news-release/2026/09/28/3370306/0/en/giga-metals-acquires-100-ownership-of-the-turnagain-project-with-acquisition-of-mitsubishi-corporation-s-interest.html - Reuters — Centinela strike: https://www.reuters.com/business/world-at-work/unions-antofagastas-centinela-copper-mine-ready-strike-2026-09-29/
