September 2026 - Precious Metal Market News
Synopsis
Gold and silver entered September with strong momentum from August, but rising oil prices and shifting US markets limited further gains.
Here's a look at the key forces that shaped precious metal performance throughout the month.
Gold Demonstrates Resilience
After August's impressive performance, gold entered September with a slight correction before seeing relative stability of the previous month's gains. Seeing a drop from £3,283.57 down to £3,201.17 across the 1st and 2nd of the month, gold rebounded to a month high of £3,311.38 on the 4th. The precious metal then went onto hold steady for most of the month, typically trading between the £3,200 and £3,300 marks.
During the month we saw Goldman Sachs hold stern on it's $5,400 per troy ounce forecast by year-end 2027 [C1], and Desmond Lachman covered the bull case for gold [C2], with a close look into the ramifications of the US's growing debt.
However, on the 28th of September, gold then saw a sharp drop from £3,218.12 to a seven-week low of £3,114.10 as a spike in oil pricing bolstered the earlier Fed rate-hike. [C3]
The precious metal finally saw a final recovery of around 1% to round out the month. [C4]
Gold's year so far:
Low: £2,946.78
High: £4,063.58
Change Since Year Start: -2.85% (approximately)
Silver Surplus or Silver Surge?
September saw Silver post a month of more sustained gains than gold, though those advances were often interrupted by sharper corrections. Starting the month at £49.13 per troy ounce, silver had dropped to £47.52 by the 2nd and was typically trading between £46.50 and £50 for the following weeks.
A month high of £50.51 was seen on the 23rd, before multiple corrections led the precious metal to drop to the month low of £45.88 on the 29th of September.
This volatility hasn't put industry experts off, though, as UBS reiterated their expectations of $70 silver by year-end 2026. [C5]
Silver's year so far:
Low: £40.71
High: £87.94
Change Since Year Start: -13.68% (approximately)
A Big Finish for 2026?
September saw gold and silver remain resilient despite ongoing market volatility. Despite both metals still trading below their 2026 highs seen at the start of the year, bullish forecasts and expectations from major market analysts remain intact.
As investors continue to monitor inflation, energy markets and overarching geopolitical uncertainty, the final quarter of 2026 could prove pivotal for precious metals.
Interested in more blogs? Check out our full range of articles including the Beginners Guide to Gold and Sovereign Guide.
Citations and Credit
View All
C1 - Goldman keeps $5,400 gold forecast intact despite Fed hike (article credit Eamonn Sheridan via investinglive)
C2 - The Bull Case for Gold | American Enterprise Institute - AEI (article credit Desmond Lachman via AEI)
C3 - Physical Gold Slides To Seven-Week Low As Oil Spike Lifts Fed Rate-Hike Bets; Silver Tumbles Below $62 (article credit USAGOLD)
C4 - Gold rises after hitting seven-week low, Fed hike bets curb gains (article credit Anjana Anil via Reuters)
C5 - UBS Silver Forecast: Why the Market Beat the Bank to $70 (article credit goldsilver)
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