Precious Metals Market Update | September 14, 2026

Metals Open Lower Into a Fed Decision, and Platinum's Balance Is Revised

Precious metals began the week lower. At 11:30 a.m. GMT on September 14, spot gold stood at $4,295 per troy ounce, down 1.23 percent, after an intraday low of $4,278. December silver futures traded at $63.35 at 7:18 a.m. EDT, down 0.6 percent from Friday's close and 2.6 percent lower than a week earlier, having opened the session at $64.79. Platinum and palladium also traded lower on the session. For reference, spot quotes published during Friday's September 11 session showed gold at $4,385.61, silver at $64.90 and platinum at $1,792.10, with the gold to silver ratio at 67.6. Review the Monday session report. Review the September 11 figures.

Platinum's own supply and demand picture was revised on September 9, when the World Platinum Investment Council published Platinum Quarterly for the second quarter of 2026. The report forecasts full-year 2026 jewellery demand of 1,883 thousand ounces, down 15 percent year on year, with Chinese jewellery demand expected to fall 55 percent to 262 thousand ounces while North American fabrication is forecast to grow 6 percent. The council now projects a 265 thousand ounce surplus for 2026, in place of an earlier forecast of a 297 thousand ounce deficit, which would be the first annual surplus since 2022. Above-ground stocks are projected at 2,010 thousand ounces at the end of 2026, described as about 3.4 months of global platinum demand. Jewellery demand in this report measures metal fabricated into jewellery, not pieces sold at retail. Read the Platinum Quarterly report.

The week's rate decision is the near-term calendar item. The Bureau of Labor Statistics released August Consumer Price Index data at 8:30 a.m. EDT on Friday, September 11. The all items index rose 0.4 percent on a seasonally adjusted basis after a 0.1 percent increase in July, and 3.4 percent over the twelve months before seasonal adjustment. The index for all items less food and energy rose 0.3 percent on the month and 2.4 percent over twelve months. Energy rose 2.1 percent on the month, with gasoline up 3.9 percent, and energy is 16.3 percent higher over twelve months with gasoline up 27.4 percent. The Federal Open Market Committee meets September 15 and 16, a meeting the Federal Reserve lists as carrying a Summary of Economic Projections. Market-implied odds of a rate increase at that meeting were reported at approximately 86 percent on Monday morning, compared with approximately 59 percent a week earlier. Read the Bureau of Labor Statistics release. Review the Federal Reserve meeting calendar.

Energy supply is the second thread, and it reaches metals through the inflation print rather than directly. The International Energy Agency states that approximately 20 million barrels per day of crude oil and products transit the Strait of Hormuz, around 25 percent of world seaborne oil trade, and that the Saudi East to West pipeline system comprises two lines with a total design capacity of 5 million barrels per day, with Aramco reporting capacity increased to 7 million barrels per day as of March 2025. That pipeline was reported shut down as a precautionary measure on September 11 following strikes on pump stations, and the United Kingdom Maritime Trade Operations organization reported a vessel struck in the Strait of Hormuz on September 13. West Texas Intermediate crude was quoted near $99.00 on Monday morning, reported as more than 15 percent higher month to date. These are reported events and quoted price levels, not a forecast of any metal's direction. Review the International Energy Agency transit figures.

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Market prices change continuously and the levels above are quoted as of the times stated. Forecasts are the issuing organization's own projections and may be revised. Market-implied rate probabilities are derived from futures pricing and are not predictions of policy. This update is provided for general information and is not investment, tax or legal advice.