2026-09-25 12:02:58
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Precious metals remained under pressure this week, extending the choppy and weaker tone that followed the Federal Reserve's rate hike last week. Hawkish comments from Fed officials increased expectations for additional tightening, supporting the U.S. dollar and Treasury yields while weighing on gold and silver.
As of September 24, spot gold had fallen toward $4,275 per ounce, while silver traded near $64. Gold reached a one-week low, while silver under-performed as investors reduced exposure to more volatile and industrial-sensitive assets.
Macro: Stronger Dollar Reprices the Fed's Policy Path
Markets continued to digest the Fed's 25-basis-point rate hike and the hawkish signals delivered alongside the decision. Although the hike itself was widely expected, the updated projections indicated that most officials still see room for additional tightening this year, reinforcing the "higher for longer" narrative.
Hawkish Fed commentary pushed the dollar to a two-month high and created additional pressure on non-yielding assets. On September 23, gold fell more than 1%, while silver declined almost 4%, highlighting the metals' sensitivity to interest-rate and currency movements.
At the same time, higher oil prices added to concerns about persistent inflation. Markets are reassessing the future rate path and increasingly recognize that the Fed may maintain a restrictive stance even as economic growth slows.
However, gold continues to find some buying interest near $4,300. Safe-haven demand, official-sector buying and longer-term allocation demand are still providing a degree of support. Whether gold can stabilize around $4,300 will be an important signal for the next phase of the market.
Gold: Tests One-Week Low as $4,300 Becomes Key Support
Gold remained under pressure from a stronger dollar and higher yields this week. Prices declined from around $4,400 and fell toward $4,275 on September 24, reaching a one-week low.
Gold needs to reclaim $4,350 before it can attempt a recovery toward $4,400-$4,450. A sustained break below $4,300 could expose the market to $4,250 and potentially $4,200.
The recent decline does not necessarily mean that the medium-term bullish structure has been fully broken, but the market will need a new fundamental catalyst to move decisively back above $4,400.
Silver: Near $64 and Continues to Under-perform
Silver remained weaker than gold this week. On September 23, silver fell approximately 3.9% to around $64.45, and it continued to trade near $64 on September 24.
If silver holds $64 and reclaims $65, it could recover toward $66-$68. A sustained break below $64 would increase the risk of a deeper pullback toward $62-$63.
The gold-silver ratio has widened, showing that investors currently prefer gold's safe-haven characteristics while remaining cautious about silver's industrial-demand and cyclical outlook.
Short-Term Outlook
Gold remains under short-term pressure, but the $4,300 area is likely to become an important battleground. Holding above $4,300 and reclaiming $4,350 could allow a gradual recovery toward $4,400-$4,450. A break below $4,300 would increase the risk of a move toward $4,250.
Silver's short-term structure remains weaker than gold’s. The $64 level is the key support, while a recovery above $65-$66 would be needed to improve sentiment.
The main factors to watch next week include:
If the dollar and Treasury yields continue to rise, gold and silver may remain in a weaker consolidation phase. If economic data soften, yields decline or safe-haven demand returns, precious metals could rebound from their current support zones.
Overall, gold remains in a high-level correction, with $4,300 as the key short-term defense level. Silver has experienced a deeper pullback and needs to reclaim the $64-$65 area to improve its near-term structure.
At Upway Global, we continue to help clients navigate changing precious-metals markets with competitive pricing and professional market insights.
This market commentary is for general information only and does not constitute investment advice or a recommendation to buy or sell any financial product.
Risk Disclosure
This report is based on publicly available information and mainstream media coverage. Policies and data may change upon release of official documents or judicial rulings. Precious metal prices are affected by USD dynamics, interest rates, geopolitics, and central bank demand, among other factors, and are subject to significant volatility. Any investment views herein are for reference only and do not constitute investment or trading advice for any individual. Please assess decisions prudently considering your own risk tolerance and financial conditions.
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