September 22, 2026 - Gold Falls 0.51% to $4,321.69, Silver Drops 0.83% to $65.51 and Brent Rises 1.47% to $97.58

Global Markets

(A) Precious Metals

Gold: $4,321.69/oz (-0.51%)

Gold fell 0.51% to $4,321.69/oz as higher-for-longer U.S. rate expectations and prospects of another Fed hike pressured non-yielding assets. Hawkish Fed comments added to the weakness.

Silver: $65.51/oz (-0.83%)

Silver dropped 0.83% to $65.51/oz as higher interest-rate expectations and stronger risk appetite reduced demand for precious metals.

(B) Energy

Brent Crude: $97.58/bbl (+1.47%)

Brent rose 1.47% to $97.58/bbl as short-covering and supply disruptions in Libya supported prices. Middle East risks also remained supportive, while higher Saudi exports limited gains.

(C) FX

DXY: 100.40 (-0.03%)

The dollar index edged 0.03% lower to 100.40, but remained near a seven-week high as markets priced a 56% chance of another Fed hike in October, up from 43.5% a week earlier. Higher-for-longer U.S. rate expectations continued to support the dollar.

USD/JPY: 157.47 (+0.06%)

USD/JPY rose 0.06% to 157.47 as the wide U.S.-Japan interest-rate gap continued to pressure the yen. The BOJ’s latest rate hike included two dovish dissents, while intervention concerns after a reported rate check limited further yen weakness.

EUR/USD: 1.1476 (+0.10%)

EUR/USD gained 0.10% to 1.1476 as the dollar eased slightly following its recent rally, although expectations for further U.S. rate increases kept the euro’s upside limited.

GBP/USD: 1.3383 (+0.12%)

GBP/USD rose 0.12% to 1.3383 as modest dollar weakness supported sterling, while markets continued to assess prospects for further tightening by major central banks.

AUD/USD: 0.7120 (+0.01%)

AUD/USD held around 0.7120, up about 0.01%, supported after Michele Bullock said upside inflation risks may be materialising. Markets are pricing a 95% chance of a rate increase to 4.60% next week, providing support to the Australian dollar.

NZD/USD: 0.5736 (+0.46%)

NZD/USD climbed 0.46% to 0.5736 after Anna Breman warned that persistently higher oil prices could lift inflation, strengthening expectations for further tightening. Markets have priced around 100 basis points of rate increases over the next 12 months.

High-Impact Economic Events

Note: These economic events are for informational purposes only. Please conduct your own research before making any market decisions.

Volatility

The VIX stands at 14.87, showing subdued market volatility as stronger equities and lower Treasury yields supported risk sentiment, despite ongoing rate and geopolitical uncertainty.

What Markets Are Watching

1. Fed Policy & Higher-for-Longer Rates

Markets are focused on upcoming Fed commentary after last week's rate increase. Expectations for another move have strengthened, with markets assigning roughly a 56% probability to an October hike. Higher rates remain a key headwind for gold while supporting the dollar.

2. U.S.-Iran Talks & Oil Supply

Investors are monitoring whether potential U.S.-Iran discussions around the UN General Assembly can reduce geopolitical tensions. Brent has rebounded above $101, but higher Saudi exports through the Strait of Hormuz have helped ease some immediate supply concerns.

3. Global Diesel Supply & Inflation

Diesel prices remain a major inflation risk after European and U.S. prices reached record highs amid reduced Middle East and Russian supply. European inventories remain unusually low, while U.S. diesel stocks are around 15% below their five-year seasonal average, keeping pressure on transportation and energy costs.