The morning briefing from Chapman Gold: what moved the gold market and why it matters. Prices in the banner above are live.
Gold posts its first weekly gain in four
Gold closed the week at about 4,380 US dollars an ounce on Friday 18 September, a one week high and its first weekly gain in four weeks. The metal added roughly 0.73 per cent over the week. Falling oil prices eased worries about persistent inflation, although a firm dollar capped the advance. (Trading Economics, Rio Times)
The Federal Reserve raised rates, and gold took it in two stages
The Fed lifted its target range to 3.75 to 4.00 per cent, its first increase since 2023 and a unanimous decision. Gold fell towards 4,270 dollars as the move was priced in, then rebounded about 2.5 per cent to 4,368.91 dollars on Thursday 17 September when Treasury yields gave back their post decision spike. Sixteen of the eighteen officials submitting projections still favour further tightening this year. (Bloomberg, GoldSilver)
Oil and bond yields, not the rate decision, drove Friday
The recovery into the weekend came from a pullback in crude oil, which pulled Treasury yields down from multi year highs and took pressure off bullion. It is a useful reminder that the rate headline is rarely the whole story: what gold actually responds to is the real yield left after inflation. (USAGOLD)
Silver outran gold again
Silver traded at 67.18 dollars an ounce on 18 September, up just over 3 per cent on the day and 3.05 per cent across the week, comfortably ahead of gold. The Silver Institute expects mine production up 1 per cent to 820 million ounces and total supply at a decade high of 1.05 billion ounces, still leaving a deficit of 67 million ounces. Most silver arrives as a byproduct of gold, copper and zinc mining, so a higher price does not quickly produce more metal. (FXStreet, Silver Institute)
Central banks are still on the buy side
Poland remains the largest official sector buyer of 2026, adding 64 tonnes so far this year, ahead of Uzbekistan at 33 tonnes, China at 25 tonnes and Kazakhstan at 20 tonnes. Singapore rejoined the buyers with a net 4 tonnes, its first monthly purchase since September 2025, taking its holdings to 197 tonnes. The World Gold Council still expects roughly 850 tonnes of central bank buying across 2026. (World Gold Council)
India opens its festive season cautiously
Indian dealers are quoting wider discounts as the peak festive and wedding season begins: an average of 34 dollars an ounce in July, 51 dollars in August and 78 dollars by 11 September, leaving domestic prices close to 2 per cent below import parity. Old jewellery traded in against new is adding to local supply, which is exactly what high prices do to a scrap market anywhere, including this one. (World Gold Council)
Sources: Trading Economics, Bloomberg, USAGOLD, FXStreet, Rio Times, GoldSilver, the Silver Institute and the World Gold Council. Compiled Sunday 20 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.