Key Facts
- Gold held ground: spot gold settled at US$4,284.91 an ounce, up 0.46% on Friday, September 25, 2026.
- Silver outperformed: spot silver settled at US$64.29 an ounce, up 1.08%, a firmer gain than gold.
- Weekly losses: both metals posted weekly declines, gold down 2.2% and silver 3.1%, despite the Friday rebound.
- Yields set the tone: higher US Treasury yields and a firm dollar drove the weekly loss, before the dollar eased on Friday.
- Dollar eased: the US dollar index slipped about 0.3% on Friday from its highest close of the week, giving bullion some room.
- LatAm supply matters: Mexico is the world’s top silver producer and Peru is a major miner, making both sensitive to the metal’s direction.
Today’s Focus
Gold and silver settled higher on Friday, September 25, but the session looked like a pause, not a turn. Spot gold rose 0.46% to US$4,284.91 an ounce. Spot silver added 1.08% to US$64.29 an ounce.
The metals still ended the week lower. Hawkish Federal Reserve signals and higher US Treasury yields pressured bullion for much of the week. Gold pays no interest, so higher real yields make it less attractive.
A softer dollar on Friday gave some support, but not enough to erase the week’s currency and yield drag. Silver outperformed, helped by its dual role as a monetary and industrial metal when risk appetite stabilises.
What matters today. The rebound eases immediate pressure but does not break the weekly downtrend driven by the Fed’s higher-for-longer rate signals.
01 The session in one read
Gold found its feet on Friday, September 25, after a bruising week. Spot gold settled at US$4,284.91 an ounce, a gain of 0.46%.
Silver did better. Spot silver closed at US$64.29 an ounce, up 1.08%, outpacing gold’s gain by about 0.6 of a percentage point.
The mood was cautious. The modest uptick did not erase the week’s losses, and investors were still weighing hawkish Federal Reserve signals.
The session shows buyers defending the lows, but they are not yet in control. The dollar and high real yields still set the tone after a week of selling, and the variable to watch is whether US Treasury yields keep climbing into the next US jobs report.
02 The board
Gold’s rise to US$4,284.91 an ounce shows the metal stabilising after three straight losses. The 0.46% move is small but positive.
Silver’s 1.08% jump to US$64.29 an ounce is more notable. It suggests buyers were more willing to step into silver after its 4.6% slide on Wednesday.
| Asset | Level | Change |
|---|---|---|
| Gold | US$4,285/oz | +0.46% |
| Silver | US$64.29/oz | +1.08% |
Source: RT close, 2026-09-25. Where a commodity has no spot feed, an exchange-traded tracker or leading producer is shown as a labelled proxy.
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Latin America — Cross-Market Board
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| IBOV | 171,324.31 | -0.43% | +8.69% | 172,060.43 | 172,060 | 169,942 | — |
| IPSA | 10,625.27 | +0.69% | — | 10,552.02 | 10,646 | 10,506 | — |
| IPC MEX | 71,674.32 | -0.46% | +13.64% | 72,006.05 | 72,212 | 71,603 | 163,492,928 |
| MERVAL | 2,848,945 | — | -10.97% | 2,859,051 | — | — | — |
| COLCAP | 2,452.93 | -1.35% | — | — | — | — | — |
| USD/BRL | 5.65 | +1.12% | +6.69% | 5.58 | 5.65 | 5.65 | — |
| EUR/BRL | 6.25 | +0.26% | +1.95% | 6.23 | 6.25 | 6.25 | — |
| USD/MXN | 18.58 | -0.10% | +1.63% | 18.60 | 18.60 | 18.58 | — |
| USD/CLP | 994.00 | +1.14% | +6.94% | 982.80 | 996.27 | 982.53 | — |
| USD/COP | 3,303 | -0.13% | -10.85% | 3,307 | 3,303 | 3,303 | — |
| USD/PEN | 3.41 | -0.03% | +0.95% | 3.41 | 3.41 | 3.41 | — |
| USD/ARS | 1,545 | +0.03% | +9.69% | 1,545 | 1,547 | 1,543 | — |
| USD/UYU | 40.52 | +3.32% | +3.23% | 39.22 | 40.52 | 40.52 | — |
| USD/PYG | 6,185 | +3.33% | -10.93% | 5,986 | 6,185 | 6,174 | — |
| USD/BOB | 11.60 | +0.86% | +72.17% | 11.50 | 11.63 | 11.60 | — |
| USD/DOP | 60.47 | +0.03% | -5.59% | 60.45 | 60.59 | 60.47 | — |
| USD/CRC | 445.25 | +1.62% | -9.18% | 438.17 | 446.01 | 444.90 | — |
| USD/GTQ | 7.65 | +3.31% | +2.09% | 7.40 | 7.65 | 7.64 | — |
03 What moved it
The US dollar and real yields, the return investors earn after accounting for inflation, remained the main restraint. Higher real yields make interest-bearing assets more attractive than gold, which pays no income.
Hawkish Federal Reserve signals pushed Treasury yields up during the week. That created a headwind that only partially eased by Friday.
On Friday the dollar index slipped about 0.3% from its weekly high, giving bullion some room. That was not enough to undo the dollar and yield pressure from earlier in the week.
04 The Latin American read
Mexico, the world’s top silver producer, is directly exposed to the metal’s swings. Fresnillo and Peñoles, two major Mexican silver names, can see revenue expectations shift when silver prices move.
A firmer silver price helps the Mexican mining sector defend margins, but the weekly decline means the benefit is limited. Investors in Mexico City will watch whether the metal’s rebound holds.
Peru, a major silver-mining nation, extracts much of its output from polymetallic mines that also produce zinc, lead and copper. The silver lift on Friday offers some support, but the broader metal complex remains under pressure from the strong dollar and high yields.
05 The names to watch
Fresnillo and Peñoles are the obvious Mexican names to track when silver moves. Their shares can amplify both the upside and downside of the metal.
In Peru, silver exposure is often hidden inside diversified miners with copper, zinc and lead output. The country’s mines produce silver as a valuable by-product, so a silver price move changes project economics at the margin.
The real action is in the US Treasury market. Higher US yields will keep pressuring Latin American metals producers, while any pullback in yields could ease conditions.
06 The outlook
The rebound is encouraging but fragile. The Fed’s higher-for-longer signals and high yields remain the main obstacles to a durable recovery.
If real yields keep rising, gold and silver could face another test of their lows. A cooling jobs market or softer inflation data would be needed to shift the tone. For now, the dollar and yields call the shots.
07 What to watch
- US Treasury yields: watch whether yields keep climbing into the next US jobs report, as higher yields directly suppress gold demand.
- US dollar index: a stronger dollar makes gold more expensive for foreign buyers, so a weaker dollar could support metals.
- Inflation data: any surprise could shift Federal Reserve rate expectations and bullion prices.
- LatAm mining shares: Fresnillo, Peñoles and Peruvian polymetallic miners are a leveraged way to trade silver’s direction.
Frequently Asked Questions
Why did gold rise on Friday, September 25?
Gold rose modestly as the US dollar eased from its weekly high, giving bullion room to recover after three straight losses.
Why did gold still post a weekly loss?
Higher US Treasury yields and a firm dollar earlier in the week made interest-bearing assets more attractive than gold, which pays no interest.
Why did silver outperform gold?
Silver has a dual role as a monetary and industrial metal, so it can rebound more sharply when risk appetite stabilises after a sell-off.
How does this affect Latin America?
Mexico is the top silver producer and Peru is a major miner, so changes in silver prices can affect mining revenues and investment decisions in both countries.
Market data: RT live market data
In depth
This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. The Rio Times also runs Ask Rio Times, which answers from 100,000+ of our own articles, the daily Latin America Power Map, and prediction-market odds on elections and markets.. How we use AI · Report an error
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