The morning briefing from Chapman Gold: what moved the gold market and why it matters. Prices in the banner above are live.
Gold rallies on Friday but books a third weekly loss
Gold opened Friday at its lowest level in over a month before recovering, with spot rising 0.7% to $4,346.44 an ounce by the European morning (CNBC, Yahoo Finance). Kitco had gold at $4,347.70 by Friday evening in New York, up $32 on the day, yet the metal still finished the week lower for a third week running as rate expectations hardened (Kitco, CNBC). Silver had a rougher session, sliding 2.6% on the day (USAGOLD).
US inflation holds at 3.4%, but the monthly figures run hot
Annual US consumer price inflation held at 3.4% in August, in line with forecasts, but the monthly rise of 0.4% was the strongest in three months (FXStreet). Core prices rose 0.3% on the month, their largest gain since April and above the 0.2% expected, which is the detail markets seized on (FXStreet).
All eyes on the Fed meeting of 15 to 16 September
After the inflation data, the CME FedWatch Tool showed roughly an 86% probability of a quarter point US rate increase at next week's meeting, up from about 70% beforehand (FXStreet). Higher rates raise the cost of holding a metal that pays no interest, which is why gold has struggled this month; the Fed's statement and its projections for rates will set the tone for the weeks after (FXStreet, GoldSilver).
China's central bank adds the most gold since 2023
The People's Bank of China lifted its reported gold holdings by 650,000 ounces in August, its largest addition since 2023, even with prices near record levels (Bloomberg). The purchase extends its buying streak to 22 consecutive months (Bloomberg).
Poland still leads the official buyers
The World Gold Council's latest central bank statistics show Poland as the biggest buyer so far this year at 64 tonnes, ahead of Uzbekistan and China, with Kazakhstan also continuing monthly net purchases (World Gold Council). In the Council's survey of reserve managers, 89% expect global central bank gold reserves to rise over the next 12 months (World Gold Council).
India steadies ahead of the festive season, with old gold doing much of the work
The World Gold Council says India's gold market is showing signs of recovery that could strengthen into the Dhanteras and Diwali season, as jewellery buying returns and dealers restock (The Tribune, Outlook Money). Trade estimates put August imports at around 45 tonnes with a fall of about 15% expected in September, and exchanges of old gold already make up 45% to 50% of jewellers' business, a share that could reach 60% to 70% during the festivals (JewelBuzz). Demand has been held back this year by high prices and May's rise in the import duty from 6% to 15% (World Gold Council).
Sources: CNBC, Yahoo Finance, Kitco, USAGOLD, FXStreet, GoldSilver, Bloomberg, World Gold Council, The Tribune, Outlook Money, JewelBuzz. Compiled Sunday 13 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.