Key Facts
- Gold closed lower with spot bullion ending Tuesday at US$4,307.63 an ounce, a fall of 0.81 percent.
- Silver fell harder as spot silver ended at US$65.27 an ounce, down 1.11 percent and trailing gold.
- The US dollar firmed with the Dollar Index near the mid-100.00s, its highest reading since 30 July.
- Treasury yields barely moved as the 10-year held at 4.96 percent and the two-year eased to 4.71 percent.
- Cheaper oil did not help because crude hit a two-week low only after Iran offered to reopen the Strait of Hormuz.
- Mexico leads silver output producing 172.9 million ounces in 2025, with Fresnillo and Peñoles among its major miners.
Today’s Focus
Gold and silver both fell on Tuesday 22 September 2026, with silver giving up more ground than gold. A firmer US dollar and hawkish Federal Reserve commentary outweighed the relief of cheaper oil.
Spot gold settled at US$4,307.63 an ounce, down 0.81 percent. Spot silver ended at US$65.27 an ounce, a loss of 1.11 percent.
The dollar set the tone. The Dollar Index touched its highest level since 30 July, which made bullion costlier for buyers using other currencies.
Treasury yields offered gold no help. The 10-year yield held at 4.96 percent while the two-year eased to 4.71 percent, according to US Treasury data.
Crude oil fell to a two-week low after Iran offered to reopen the Strait of Hormuz. That diplomatic opening cooled inflation worries, but it also drained the safe-haven bid.
For Latin America the move matters most in Mexico and Peru, the world’s two largest silver producers. A softer silver price trims revenue prospects for Mexican miners Fresnillo and Peñoles.
What matters today. Silver is the first casualty when rate expectations harden, and that is the key signal for Latin American producers.
01 The session in one read
Gold and silver closed lower on Tuesday 22 September 2026. Silver fell faster than gold, after holding its ground in the previous session.
Spot gold settled at US$4,307.63 an ounce, down 0.81 percent. Spot silver ended at US$65.27 an ounce, down 1.11 percent.
On the COMEX metals exchange, December 2026 is the active delivery month for both gold and silver. The December gold contract also ended the session lower.
The US dollar firmed through the day, with the Dollar Index reaching its highest level since 30 July. That strength made dollar-priced bullion dearer for overseas buyers.
A firmer dollar and hawkish Federal Reserve commentary drove both metals lower. Silver’s dual role as an industrial input and a haven asset made it the weaker of the two. With the 10-year Treasury yield pinned at 4.96 percent, bullion still competes with well-paid bonds. The opportunity cost of holding a non-interest-bearing asset remains high. The variable to watch is the two-year yield, which eased to 4.71 percent. A sustained decline there would signal a less aggressive Federal Reserve and could steady both metals.
02 The board
The board shows gold below US$4,310 and silver below US$65.50, with silver surrendering more than gold. The spread reflects silver’s exposure to industrial demand alongside its haven appeal.
Treasury yields offered no relief. The 10-year held at 4.96 percent and the two-year eased to 4.71 percent, keeping real yields high enough to cap bullion.
Trade date: Tuesday 22 September 2026.
| Asset | Level | Change |
|---|---|---|
| Gold | US$4,307.63/oz | -0.81% |
| Silver | US$65.27/oz | -1.11% |
Spot prices at the close of Tuesday 22 September 2026, from the USAGOLD daily precious metals report. On COMEX the active delivery month for both metals is December 2026.
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Latin America — Cross-Market Board
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| IBOV | 168,498.45 | +1.39% | +9.89% | 166,191.45 | 169,073 | 165,910 | — |
| IPSA | 10,536.54 | +0.68% | — | 10,465.25 | 10,617 | 10,435 | — |
| IPC MEX | 71,393.57 | +0.43% | +13.16% | 71,087.56 | 71,469 | 70,635 | 145,640,378 |
| MERVAL | 2,848,945 | — | -4.19% | 2,859,051 | — | — | — |
| COLCAP | 2,485.26 | +0.03% | — | — | — | — | — |
| USD/BRL | 5.50 | -0.17% | +2.56% | 5.51 | 5.50 | 5.50 | — |
| EUR/BRL | 6.13 | +0.07% | -0.35% | 6.13 | 6.17 | 6.12 | — |
| USD/MXN | 18.60 | -0.05% | +0.04% | 18.61 | 18.60 | 18.60 | — |
| USD/CLP | 975.74 | +0.00% | +3.43% | 975.74 | 975.74 | 975.74 | — |
| USD/COP | 3,240 | +0.03% | -15.48% | 3,238 | 3,240 | 3,240 | — |
| USD/PEN | 3.44 | -0.15% | +3.80% | 3.45 | 3.46 | 3.42 | — |
| USD/ARS | 1,545 | +0.00% | +6.50% | 1,545 | 1,545 | 1,545 | — |
| USD/UYU | 40.31 | +3.48% | +2.73% | 38.95 | 40.31 | 40.22 | — |
| USD/PYG | 6,358 | +8.23% | -8.70% | 5,875 | 6,358 | 6,358 | — |
| USD/BOB | 11.81 | +0.40% | +75.39% | 11.76 | 11.92 | 11.81 | — |
| USD/DOP | 60.56 | +0.43% | -5.45% | 60.30 | 60.59 | 59.79 | — |
| USD/CRC | 448.27 | +1.89% | -8.45% | 439.97 | 449.63 | 448.27 | — |
| USD/GTQ | 7.64 | +3.24% | +2.07% | 7.40 | 7.64 | 7.64 | — |
03 What moved it
Hawkish Federal Reserve commentary set the direction. St Louis Fed President Alberto Musalem said further rate increases may be needed to bring inflation back to target.
Chicago Fed President Austan Goolsbee warned that policymakers must reckon with persistent supply shocks. Minneapolis Fed President Neel Kashkari said inflation was too high across the economy, not only in energy.
Those remarks followed the Federal Reserve’s quarter-point increase on 16 September 2026. The move lifted the policy rate to a range of 3.75 to 4.00 percent, the first rise since 2023.
Crude oil fell to a two-week low after Iran’s Revolutionary Guard offered to reopen the Strait of Hormuz. The offer was conditional on Washington lifting its blockade of Iranian ports.
Cheaper energy eased inflation worries, yet it also drained the safe-haven bid. Silver felt that loss more sharply than gold, because industrial demand carries it in both directions.
04 The Latin American read
Mexico remained the world’s largest silver-producing country with 172.9 million ounces in 2025, according to the World Silver Survey. Its output fell 5 percent, a third straight annual decline.
Peru ranked second with 130.6 million ounces, a gain of 7 percent on the year. Its miners hold exposure to both silver and gold, which spreads the impact of a session like this one.
A softer silver price trims the revenue outlook for Mexican specialists such as Fresnillo and Peñoles. Peruvian producers face the same pressure, and gold’s smaller fall offers little cushion.
05 The names to watch
Fresnillo and Peñoles are the most silver-exposed of the large Mexican miners. Their revenue tracks the metal closely, so a fall of 1.11 percent registers quickly.
Peruvian miners with mixed silver and gold output are less concentrated. Gold’s decline of 0.81 percent still leaves both metals pointing the same way.
The dollar remains the main external variable for these producers. A sustained rally makes their metal dearer for buyers outside the United States.
06 The outlook
The path for gold and silver now depends on the Federal Reserve. CME FedWatch data put the probability of a December increase near 88 percent, according to Reuters.
A further decline in crude would reinforce the disinflationary case that the Hormuz offer opened. Whether that outweighs rate expectations is the open question for both metals.
US-Iran diplomacy remains a live variable that could move oil at short notice. Silver would feel any such shift more than gold, given its industrial demand component.
07 What to watch
- US 10-year Treasury yield: It held at 4.96 percent; a break below 4.90 percent would cut the opportunity cost of holding metals.
- Dollar Index: Another push above the mid-100.00s would deepen the pressure on dollar-priced metals and on LatAm miners.
- Crude oil prices: Further falls after the Hormuz offer would keep inflation expectations in check.
- Silver industrial demand: Weaker manufacturing data would widen silver’s underperformance against gold.
Frequently Asked Questions
Why did silver fall more than gold on Tuesday?
Silver lost 1.11 percent against gold’s 0.81 percent. Industrial demand makes silver more sensitive to expectations of tighter policy.
What pushed gold lower?
A firmer US dollar and hawkish Federal Reserve commentary. The 10-year Treasury yield held at 4.96 percent, keeping the opportunity cost of bullion high.
Which Latin American countries are most exposed?
Mexico, the world’s top silver producer at 172.9 million ounces in 2025, and Peru, second at 130.6 million ounces.
Did cheaper oil not support metals?
It eased inflation worries after Iran offered to reopen the Strait of Hormuz. That same opening also removed the safe-haven bid.
Market data: RT
This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. How we use AI · Report an error
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