The morning briefing from Chapman Gold: what moved the gold market and why it matters. Prices in the banner above are live.
Gold ends the week higher despite the first Fed hike in three years
Spot gold rose 0.6% to $4,368.60 an ounce on Friday and finished the week about 0.5% up, having fallen sharply in the first half of the week. The recovery came as lower oil prices and falling Treasury yields eased inflation worries after the Federal Reserve's decision on Wednesday (Investing.com, Seeking Alpha).
The Fed raised rates and signalled it may not be finished
The Federal Open Market Committee voted 12 to 0 to raise its target range by a quarter point, to 3.75% to 4.00%, its first increase since 2023. The updated projections showed 16 of 18 policymakers expecting another rise before the end of the year, and markets were pricing roughly a 53% chance of a move in October (GoldSilver, Bloomberg).
Futures reach a weekly high as oil falls for a third session
December gold futures broke above $4,400 on Friday, touching a weekly high of $4,439.80, as crude oil fell for a third straight session. The restoration of Saudi Arabia's East to West pipeline helped cool the oil price, which in turn pulled yields back from multi-year highs (Yahoo Finance, USAGOLD).
Silver outpaces gold with a 3% jump
Silver climbed about 3% on Friday to around $67.18 an ounce, a stronger move than gold's on the same drivers of softer yields and a weaker oil price. Silver's larger swings in both directions remain a feature of this market (Yahoo Finance, Rio Times).
Central banks keep buying
Central banks added a net 23 tonnes of gold in July, with China reporting its 21st consecutive month of purchases. Poland leads the year to date at 64 tonnes, followed by Uzbekistan at 33 tonnes and China at 25 tonnes (World Gold Council).
India enters the festive season in wait and see mode
Jewellery buying that strengthened in late August has softened as Indian shoppers wait out August's rally and the pullback that followed, though the trade remains cautiously optimistic for the festive and wedding season. The India Bullion and Jewellers Association estimates festive volumes could fall 10 to 12% after the Prime Minister's 1 September appeal to buy gold only when necessary, while Indian gold ETF inflows rose 67% month on month in August (World Gold Council, Whalesbook).
Sources: Investing.com, Seeking Alpha, Bloomberg, GoldSilver, Yahoo Finance, USAGOLD, Rio Times, World Gold Council, Whalesbook. Compiled Saturday 19 September 2026. Nothing here is investment advice; it is the news, read with a jeweller's eye. For what the market means in real terms, see The Gold Price, where the world is priced in gold.