Gold Price Today: Silver Outperforms as Gold Slips
Key Facts
- Gold settled slightly lower with spot bullion ending Tuesday at US$4,364 an ounce, a dip of 0.11 percent.
- Silver outperformed gold as spot metal settled at US$67.40 an ounce, up 1.13 percent on the session.
- The US dollar firmed with the Dollar Index pushing above 100.60 early, initially pressuring dollar-priced metals for overseas buyers.
- Treasury yields held firm as the 10-year yield edged up to near 4.97 percent while the two-year held around 4.74 percent.
- Lower oil prices helped because falling crude reduced inflation concerns that had weighed on metals after the Federal Reserve raised rates last week.
- Mexico leads silver output producing 172.9 million ounces in 2025, with Fresnillo and Peñoles among the major miners benefiting.
Today’s Focus
Silver advanced on Tuesday, September 22, 2026, while gold edged lower, leaving the white metal comfortably ahead as falling oil prices eased inflation worries. Spot gold settled at US$4,364 an ounce, down 0.11 percent, while spot silver ended at US$67.40 an ounce, a gain of 1.13 percent. The session started with pressure from a firmer US dollar, which pushed the Dollar Index above 100.60 and made bullion more expensive for buyers using other currencies. That early drag faded as crude oil prices declined, easing inflation anxiety that had been reinforced by the Federal Reserve’s rate increase the previous week.
The 10-year Treasury yield edged up to near 4.97 percent, keeping a lid on non-yielding assets like gold and silver. Safe-haven demand tied to US-Iran tensions and constrained traffic through the Strait of Hormuz added support, though high real yields kept gold’s advance in check.
For Latin America the move matters most in Mexico and Peru, the world’s two largest silver producers. Higher silver prices directly improve revenue prospects for Mexican miners Fresnillo and Peñoles, while Peruvian producers gain from exposure to both silver and gold.
What matters today. Silver’s industrial and haven demand gave it the edge over gold, and that relative strength is the key signal for Latin American producers.
01 The session in one read
Silver closed higher on Tuesday, September 22, 2026, while gold slipped, as falling oil prices cooled inflation concerns that had pressured metals after the Federal Reserve raised rates the previous week.
Spot gold settled at US$4,364 an ounce, down 0.11 percent, while spot silver ended at US$67.40 an ounce, a gain of 1.13 percent. The US dollar firmed early, with the Dollar Index pushing above 100.60, which initially made dollar-priced bullion costlier for overseas buyers. That pressure eased as the session progressed.
The combination of easing inflation fears from lower oil and a softer 10-year yield allowed both metals to rise, but silver’s dual role as an industrial input and haven asset produced a stronger gain than gold. With US real yields still high near 4.95 percent on the 10-year, gold’s upside remains capped by the opportunity cost of holding a non-interest-bearing asset. The variable to watch is whether the two-year yield holds around 4.74 percent, because any further decline would signal markets pricing in a less aggressive Federal Reserve and could unlock another leg higher for both metals.
02 The board
The board shows gold holding above US$4,300 and silver extending its outperformance, with spot silver up more than one percent while gold slipped fractionally. The spread between the two moves reflects silver’s industrial demand component alongside its haven appeal.
Treasury yields stayed firm, with the 10-year edging up to near 4.97 percent and the two-year holding around 4.74 percent, keeping real yields high enough to cap gold.
| Asset | Level | Change |
|---|---|---|
| Gold | US$4,364/oz | -0.11% |
| Silver | US$67.40/oz | +1.13% |
Source: RT close, 2026-09-22. 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 | 187,422.92 | +0.44% | +21.85% | 186,595.60 | 168,310 | 167,142 | — |
| IPSA | 11,426.83 | +0.61% | — | 11,357.82 | 11,210 | 10,984 | 1,513,213,483 |
| IPC MEX | 63,646.88 | +0.17% | +12.17% | 63,536.96 | 66,121 | 65,405 | 108,886,187 |
| MERVAL | 2,997,659 | -0.04% | +30.51% | 3,022,485 | 3,042,365 | 2,991,150 | — |
| COLCAP | 2,588.64 | +0.90% | — | 9.04 | 9.05 | 9.02 | 4,133 |
| BVL PERÚ | 59,529.36 | +1.84% | — | — | — | — | — |
| USD/BRL | 5.16 | +0.01% | -5.13% | 5.16 | 5.18 | 5.14 | — |
| EUR/BRL | 5.95 | +1.01% | -5.83% | 5.89 | 5.98 | 5.94 | — |
| USD/MXN | 17.06 | -0.24% | -8.58% | 17.10 | 17.08 | 17.01 | — |
| USD/CLP | 913.98 | +0.04% | -5.67% | 913.65 | 915.11 | 906.68 | — |
| USD/COP | 3,140 | +0.03% | -22.04% | 3,139 | 3,141 | 3,105 | — |
| USD/PEN | 3.36 | -0.66% | -4.82% | 3.38 | 3.38 | 3.35 | — |
| USD/ARS | 1,493 | +0.10% | +12.96% | 1,491 | 1,494 | 1,480 | — |
| USD/UYU | 40.27 | +1.24% | +1.80% | 39.77 | 40.27 | 40.23 | — |
| USD/PYG | 5,939 | +1.68% | -19.54% | 5,841 | 5,939 | 5,925 | — |
| USD/BOB | 11.64 | -0.76% | +72.04% | 11.73 | 11.72 | 11.64 | — |
| USD/DOP | 58.34 | +1.25% | -3.44% | 57.62 | 58.34 | 58.04 | — |
| USD/CRC | 445.92 | +0.89% | -9.71% | 441.97 | 448.50 | 445.92 | — |
03 What moved it
Falling crude oil prices reduced inflation anxiety that had built after the Federal Reserve raised rates the previous week, though Treasury yields stayed firm and capped bullion by the close. Lower energy costs feed directly into reduced expectations for future price pressures.
Safe-haven flows from US-Iran tensions and constrained traffic through the Strait of Hormuz lent additional support, but high real yields and the firmer dollar kept the move contained for gold.
Silver’s stronger response stemmed from its dual role: it benefits from safe-haven buying like gold, but also from industrial demand that is sensitive to economic activity, giving it an extra boost when oil-led inflation fears receded.
04 The Latin American read
Mexico remained the world’s largest silver-producing country with 172.9 million ounces in 2025, and higher silver prices directly improve the revenue outlook for major miners Fresnillo and Peñoles.
Peru ranked second globally in 2025 with 130.6 million ounces of silver output, and its miners benefit from exposure to both silver and gold, giving them a diversified lift from this session’s moves.
For investors across Latin America, silver’s outperformance over gold tilts the revenue picture toward Mexican silver specialists, while Peruvian producers enjoy the added cushion of gold’s steadier but positive close.
05 The names to watch
Fresnillo and Peñoles are the direct beneficiaries among Mexican silver producers, with revenue sensitivity tied closely to the silver price that rose 1.13 percent this session.
Peruvian miners with mixed silver and gold output gain from both metals, though gold’s 0.11 percent dip means silver remains the primary marginal driver of revenue improvement.
The US dollar’s strength above 100.60 is a watchpoint for these producers, because a sustained rally would make their products more expensive for buyers in other currencies.
06 The outlook
The path for gold and silver hinges on whether real yields ease from the 10-year’s near 4.97 percent level, since bullion pays no interest and competes with bonds for investor capital. A further decline in crude oil prices could reinforce the disinflationary tailwind that supported silver on Tuesday, September 22, 2026.
US-Iran tensions and Strait of Hormuz traffic constraints remain live variables that could inject haven demand at short notice, with silver positioned to benefit more than gold given its industrial demand component.
07 What to watch
- US 10-year Treasury yield: Watch whether it breaks below 4.90 percent; a sustained decline would reduce the opportunity cost of holding gold and silver.
- Dollar Index: A move above 101 would pressure dollar-priced metals and squeeze revenue for LatAm miners.
- Crude oil prices: Further declines would reinforce easing inflation expectations and support bullion.
- Silver industrial demand: Signs of stronger manufacturing activity would amplify silver’s outperformance over gold.
Frequently Asked Questions
Why did silver outperform gold on Tuesday?
Silver rose 1.13 percent while gold fell 0.11 percent, because silver benefits from both safe-haven buying and industrial demand.
What capped gold?
Falling oil prices reduced inflation concerns, but the 10-year yield held near 4.97 percent and the dollar firmed, leaving bullion slightly lower.
Which LatAm countries benefit most?
Mexico, the world’s top silver producer at 172.9 million ounces in 2025, and Peru, second at 130.6 million ounces, gain the most from higher silver prices.
What capped gold’s advance?
High real yields and a firmer US dollar, with the Dollar Index near 100.60, limited gold’s upside despite safe-haven flows.
Market data: RT
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