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Gold Expert
Gold and silver both recovered on Tuesday after Monday's sharp sell-off, with gold leading.
Spot Summary
| Tue Sep 29, 2026 | Gold (USD/oz) | Silver (USD/oz) |
|---|---|---|
| Open | $4,115.00 | $60.64 |
| Latest (NY close, 2:00 PM PT) | $4,182.45 | $61.47 |
| Day's high | $4,185.23 | $61.53 |
| Day's low | $4,113.68 | $60.30 |
| $ change | +$67.45 | +$0.83 |
| % change | +1.64% | +1.37% |
| Gold/silver ratio | ~68.0 |
Source: Investing.com spot quotes as of 2:00 PM PT. Cross-checked against Kitco (gold $4,181.10, silver $61.34, ratio 68.2 at 2:45 PM PT) and Trading Economics. Feeds differ slightly.
What Moved Metals Today
A rebound after a rough Monday. Gold fell nearly 4% on Monday to its lowest level since early August, according to CNBC. Silver fell more than 5%, per Trading Economics. Oil prices jumped after Washington rejected Iran's offer to reopen the Strait of Hormuz, and that revived inflation worries and pushed up expectations for Fed rate hikes. On Tuesday, dip buyers came back.
Weak U.S. data. Kitco reported that gold jumped to a session high near $4,171 after the Conference Board's consumer confidence index fell to 81.9. Consensus was 89.2, per Investing.com's calendar. August JOLTS job openings of 7.08 million also missed expectations.
Oil cooled a little, but rate pressure didn't. FXEmpire said WTI slipped toward $90 and Brent settled near $103 on hopes for a temporary U.S.–Iran deal. According to the CME FedWatch Tool, the odds of an October rate hike eased only slightly, to roughly 68–70%. Reuters reported that Fed Vice Chair for Supervision Michael Barr said more hikes are likely needed. FXEmpire noted that the 10-year Treasury yield held above 5.28% and the dollar stayed firm. Gold rose anyway.
Where Gold and Silver Could Head
Published outlooks disagree. The views below belong to the firms named, not to us.
- Goldman Sachs keeps a $4,900 year-end gold target and sees "net upside risk," while also warning of "two-sided volatility" (Kitco, Sept. 23).
- Natixis analyst Bernard Dahdah expects gold near $4,100 by year-end in the bank's base case. His bear case is $3,500 if the Hormuz situation escalates, and his bull case is above $5,250 if a sharp drop in inflation lets the Fed pivot (Kitco, Sept. 29).
- Trading Economics models point to gold near $4,290 and silver near $64.41 by quarter-end, and about $4,706 and $79.37 in 12 months.
- J.P. Morgan forecasts silver averaging $63 in Q4 2026. It expects the gold/silver ratio to move toward 70 in the second half of 2026.
- Citi has a near-term silver target of $75 and sees $90 within 6–12 months, as reported by Barchart. (Publication date not confirmed.)
Technical levels: FXEmpire puts gold support at $4,160–$4,180, with the next zone at $4,000–$4,020. It sees silver support at $61–$62 and resistance at $62, then the 50-day moving average near $63.89. GoldSilver.com identifies $4,050–$4,100 as gold's main support and $4,300 as the first real test on the upside.
What to Watch
- Wed., Sept. 30: August PCE inflation (consensus 3.7% y/y headline, 3.4% core), the ADP jobs report, final Q2 GDP, and remarks from Fed officials Barkin, Cook and Kashkari.
- Fri., Oct. 2: September nonfarm payrolls.
- Oil and the Strait of Hormuz: oil headlines have been driving rate expectations.
- Oct. 27–28: the next FOMC meeting.
- China's Golden Week and central bank buying. USAGOLD cites the World Gold Council, which reported that China's central bank added 20.2 tonnes of gold in August.
FAQ
Why did gold rise today if the Fed may hike rates?
Gold was bouncing from a seven-week low. Weaker consumer confidence and slightly lower oil prices gave buyers a reason to step in, even though hike odds stayed high.
What is the gold/silver ratio right now?
About 68. That means one ounce of gold buys roughly 68 ounces of silver. That's up from the low 60s a week ago, per GoldSilver.com.
Is the spot price what I'll pay for coins and bars?
No. Spot is the wholesale benchmark; physical products carry a premium over it.
Shop or Sell at Camino Coin Company
Buying or selling? Browse gold bars, silver bullion, U.S. silver coins and silver rounds, or see how to sell to us. You can also visit our Menlo Park store at 846 Santa Cruz Ave, Menlo Park, CA or call 650-348-3000.
This article is for informational purposes only and is not financial advice. Prices change constantly. Forecasts are third-party opinions, not guarantees. Consult a qualified advisor before investing.
