Gold Ends the Week at US$4,380 as Silver Outpaces It
Key Facts
- Gold closed at US$4,380.01 an ounce, up 0.77% on Friday and 0.73% over the week, holding just below its fifty-day average of US$4,381.74.
- Silver closed at US$66.35 an ounce, up 1.41% on the day and 3.05% on the week, outpacing gold by roughly four to one.
- The dollar index ended at 100.215, down 0.03% on Friday but up 1.1% over the week, so metals rose against a firm dollar.
- Industrias Peñoles closed at 898.47 pesos (about US$52.17) in Mexico City, up 2.33% on the day but down 0.39% on the week.
- Buenaventura fell 1.09% to US$34.33 while Pan American Silver rose 0.75% to US$49.99 and Barrick dropped 3.01% to US$45.46.
- The gold miners fund GDX slipped 0.46% to US$95.48 and the silver miners fund SIL added 0.20% to US$95.20 on Friday.
Today’s Focus
Gold and silver both finished higher on Friday, and silver finished the week well ahead. Gold closed at US$4,380.01 an ounce, up 0.77%, and silver at US$66.35, up 1.41%.
Over the week to Friday 18 September, gold added 0.73% and silver 3.05%. The two metals rarely move in lockstep, and this week the gap was wide.
The dollar was not the reason. The dollar index closed at 100.215, down 0.03% on the day but up 1.1% over the week.
That combination matters. Metals that rise while the dollar firms are being bought for their own reasons rather than as a currency hedge.
The American ten-year yield edged up to 4.998% from 4.947%. Gold rose anyway, and silver rose further.
Mexico’s Industrias Peñoles closed at 898.47 pesos (about US$52.17), up 2.33%. It was one of the strongest names on the Mexican exchange.
What matters today. Silver gained 3.05% over the week while gold gained 0.73%. The industrial metal did the work while the monetary metal marked time.
| Instrument | Level | Session |
|---|---|---|
| Ibovespa (Brazil) | 185,229.17 | -0.41% |
| S&P 500 (US) | 7,650.50 | +0.17% |
| Nasdaq Composite (US) | 26,523 | +0.39% |
| VIX (US volatility) | 14.81 | -4.08% |
| USD/BRL | 5.1445 | +0.30% |
| Gold (per ounce) | US$4,380.01 | +0.77% |
| Silver (per ounce) | US$66.35 | +1.41% |
| Oil fund (USO) | US$153.82 | -0.96% |
Friday, 18 September 2026 close. Gold, silver and the oil fund in US dollars.
01 The session in one read
Gold and silver both closed higher on Friday, and both closed higher on the week. Gold added 0.77% on the day and silver 1.41%.
Gold ended at US$4,380.01, which is almost exactly its fifty-day average of US$4,381.74. The metal is trading at its own trend line rather than far above it.
The two-hundred-day average sits higher, at US$4,475.45. Gold is therefore below its longer-term trend even after this week’s advance.
Silver tells a different story. It closed at US$66.35, above its fifty-day average of US$64.93 but below its two-hundred-day average of US$69.94.
Silver’s fourteen-day relative strength index ended the week at 50.7 and gold’s at 44.2. Both readings sit in the middle of their usual range.
02 The board
| Instrument | Level | Session | Week | Read |
|---|---|---|---|---|
| Gold (per ounce) | US$4,380.01 | +0.77% | +0.73% | Sits at its fifty-day average |
| Silver (per ounce) | US$66.35 | +1.41% | +3.05% | Week’s clear outperformer |
| Dollar index | 100.215 | -0.03% | +1.1% | Firm over the week, no help to metals |
| US 10-year yield | 4.998% | +1.03% | +0.46% | Rose, yet gold still gained |
| Peñoles (BMV) | MXN 898.47 | +2.33% | -0.39% | Best of the Mexican miners |
| Buenaventura (BVN) | US$34.33 | -1.09% | +0.85% | Peruvian name slipped on the day |
| Pan American Silver (PAAS) | US$49.99 | +0.75% | -0.70% | Followed silver higher |
| Barrick (GOLD) | US$45.46 | -3.01% | -5.72% | Weakest of the large producers |
| Gold miners fund (GDX) | US$95.48 | -0.46% | -1.67% | Equities lagged the metal |
| Silver miners fund (SIL) | US$95.20 | +0.20% | -1.20% | Barely moved despite silver’s week |
The table shows the week’s central oddity. Silver rose 3.05% while the fund that holds silver miners fell 1.20%.
Peñoles was the exception among producers. The Mexican company gained 2.33% on Friday, though it remains down 0.39% on the week.
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-0.03%
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| GOLD | 4,461 | +1.78% | +33.20% | 4,383 | 4,503 | 4,421 | 139,824 |
| SILVER | 65.59 | +1.26% | +73.05% | 64.77 | 66.98 | 64.81 | 46,406 |
| BRENT | 88.88 | -0.03% | +34.42% | 88.91 | 90.07 | 88.12 | 29,713 |
| WTI | 83.11 | -0.11% | +31.57% | 83.20 | 84.35 | 82.40 | 166,848 |
| COPPER | 6.61 | +0.03% | +46.70% | 6.61 | 6.71 | 6.61 | 39,543 |
| LITHIUM | 75.20 | +1.47% | +62.95% | 74.11 | 75.80 | 75.08 | 89,275 |
| IRON ORE | 161.91 | — | +58.10% | 161.91 | 161.91 | 1 | |
| SOY | 1,184 | +3.20% | +17.05% | 1,148 | 1,199 | 1,168 | 163,179 |
| CORN | 480.50 | +10.02% | +29.34% | 436.75 | 480.75 | 459.50 | 341,248 |
| WHEAT | 655.00 | +3.93% | +29.70% | 630.25 | 657.75 | 631.50 | 128,793 |
| COFFEE | 317.25 | -5.51% | +0.67% | 335.75 | 321.20 | 313.55 | 21,747 |
| SUGAR | 16.43 | -1.79% | -3.01% | 16.73 | 17.11 | 16.22 | 171,992 |
| COCOA | 5,719 | +3.18% | -34.96% | 5,543 | 5,779 | 5,574 | 26,773 |
| ORANGE JUICE | 138.55 | -0.47% | -45.38% | 139.20 | 141.05 | 137.50 | 703 |
| COTTON | 85.03 | +2.33% | +26.78% | 83.09 | 82.90 | 81.96 | 16,546 |
| BEEF | 223.60 | -3.93% | -5.18% | 232.75 | 226.40 | 223.00 | 16,126 |
| CATTLE | 339.10 | -3.16% | -1.82% | 350.17 | 345.50 | 338.60 | 10,164 |
| USD/BRL | 5.16 | +0.01% | -5.13% | 5.16 | 5.18 | 5.14 | — |
03 What moved it
The dollar index ended the week at 100.215, up 1.1% from 99.122 a week earlier. A stronger dollar usually weighs on dollar-priced metals.
The ten-year yield also rose. It closed at 4.998%, up from 4.947% on Thursday and 4.975% a week earlier.
Copper moved with the precious metals rather than against them. The CPER tracker rose 1.44% on Friday and 2.68% over the week.
Silver gained 3.05% over the week against gold’s 0.73%. The gold miners fund GDX fell 0.46% on Friday and 1.67% over the week.
Producer equities did not follow the metal higher. Barrick fell 3.01% on Friday and 5.72% over the week, the weakest of the large houses.
Agnico Eagle slipped 0.93% to US$199.49 and Wheaton Precious Metals 0.78% to US$151.01. Both are down on the week.
04 The Latin American read
Peñoles closed at 898.47 pesos (about US$52.17), up 2.33%. Only Orbia, at 5.47%, and Liverpool, at 3.84%, did better among the 35 IPC members.
The broader Mexican market was weak. The IPC closed at 63,375.93, down 0.78%, with 22 of 35 members lower.
Peru’s exposure runs through Buenaventura, which fell 1.09% to US$34.33. The Peruvian producer still finished the week up 0.85%.
The sol was steady against the dollar at 3.374, down 0.09% on the day. A stable currency lets Peruvian miners keep more of the dollar price of their output.
Mexico’s peso weakened to 17.221 per dollar, up 0.31% on the day and 1.46% on the week. That helps Mexican producers’ peso revenues.
The Mexico fund EWW fell 1.28% on Friday and 2.71% on the week. The Peru fund EPU added 0.17% on the day and 0.03% over the week.
05 The names to watch
Peñoles is the Mexican name with the most direct leverage to silver. Its 2.33% gain on Friday came against a falling local market.
Buenaventura is the Peruvian counterpart and trades in New York. It fell 1.09% on Friday but is up 0.85% over the week.
Pan American Silver rose 0.75% to US$49.99. The company operates across Mexico, Peru, Bolivia and Argentina.
Wheaton Precious Metals fell 0.78% to US$151.01 and is down 2.02% on the week. Its streaming model usually amplifies metal moves in both directions.
Agnico Eagle slipped 0.93% to US$199.49. Barrick was the weakest of the group, falling 3.01% to US$45.46 and 5.72% on the week.
Fresnillo’s finance chief is retiring, according to MarketScreener. The company operates silver mines in Mexico.
06 The outlook
The calendar for the coming week is light on precious-metals events. Brazil publishes its mid-month inflation reading on Friday 25 September.
The year-on-year consensus for that reading is 4.5%, against 4.24% previously. Higher Brazilian inflation would not directly move gold, but it shapes the real-rate picture.
Mexico reports mid-month inflation on Thursday 24 September. The consensus is 3.3% year-on-year, against 3.26% previously.
Mexico’s central bank also decides rates that day. The prior level is 6.5%, and no consensus is available in the calendar.
The CFTC publishes speculative positioning on Friday 25 September. Gold net positions stood at 230.3 thousand contracts in the prior week.
Silver net positions were 25.3 thousand contracts. Both figures cover the week that ended on Tuesday.
07 What to watch
- The dollar index: It rose 1.1% over the week while metals also rose.
- Mexico’s rate decision: Banxico decides on Thursday 24 September with the prior level at 6.5% and no consensus in the calendar.
- Brazil’s mid-month inflation: The year-on-year consensus is 4.5% against 4.24% previously, published on Friday 25 September.
- Speculative positioning: CFTC data on Friday 25 September will update gold’s net 230.3 thousand contracts.
- Silver’s weekly lead: Silver gained 3.05% against gold’s 0.73% over the week to Friday.
- Producer shares: GDX fell 1.67% and SIL 1.20% on the week even as both metals rose.
Frequently Asked Questions
What was the gold price on 18 September 2026?
Gold closed at US$4,380.01 an ounce, up 0.77% on the day and 0.73% over the week. It sits almost exactly at its fifty-day average of US$4,381.74.
How much did silver rise?
Silver closed at US$66.35 an ounce, up 1.41% on Friday and 3.05% over the week. It outpaced gold by roughly four to one.
Did the dollar drive the gains?
No. The dollar index closed at 100.215, down 0.03% on the day but up 1.1% over the week, so metals rose against a firm dollar.
How did Mexican and Peruvian miners perform?
Peñoles closed at 898.47 pesos (about US$52.17), up 2.33%. Buenaventura fell 1.09% to US$34.33 but is up 0.85% on the week.
Which producers moved most on Friday?
Peñoles rose 2.33% and Pan American Silver 0.75%. Barrick fell 3.01% and Buenaventura 1.09%.
What is on the calendar next week?
Mexico reports mid-month inflation and decides rates on Thursday 24 September. Brazil publishes mid-month inflation on Friday 25 September.
Sources: RT end-of-day series for gold, silver, the dollar index, the US ten-year yield, BVN, PAAS, WPM, AEM, GOLD, GDX, SIL and the Mexican IPC members; BMV official close for the S&P/BMV IPC; RT economic calendar for 19-25 September 2026; MarketScreener on Fresnillo’s finance chief.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error
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