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Daily brief · Friday, September 26, 2025

Gold closes at $3,769.85 as softer PCE keeps Fed-easing talk alive; PGMs jump

Gold finished higher after inflation data and commentary in several reports kept the focus on easier Federal Reserve policy and ongoing investment demand. Platinum and palladium outperformed on the day in our feed, while silver was only slightly higher and some reports noted a pullback from recent highs ahead of key U.S. labor data.

AI summaryWritten automatically with AI from 24 linked reports and our own price data, Oct 21, 2:11 AM ET. Each point links to its sources. Published without an editor’s review; not investment advice. How this page is made

Closing prices for September 26, 2025

Gold $3,769.85 +1.05% 30d +11.7% Silver $45.00 +0.13% 30d +17.8% Platinum $1,552.00 +3.12% 30d +15.9% Palladium $1,275.00 +3.32% 30d +17.0%

Tone of the reports: Mixed

What happened

  1. Gold closed at $3,769.85 an ounce, +1.05% on the day, with FXStreet tying the move to PCE inflation data that fueled speculation the Fed will keep easing policy.

    SourcesFXStreet: Gold climbs as PCE data fuels Fed easing speculation

  2. Kitco said gold was holding above $3,750 after U.S. core PCE showed annual inflation holding at 2.9%, keeping attention on the inflation path and the Fed reaction function.

    SourcesKitco News: Gold prices holding above $3,750 as U.S. core PCE shows annual inflation holding at 2.9%

  3. Kitco reported that Wall Street sentiment remained extremely bullish on gold heading into the jobs report, and separately said gold may need weak labor data to make a push toward $3,800.

    SourcesKitco News: Wall Street sees an unstoppable juggernaut in gold, Main Street boosts its bullish sentiment with jobs report on deck2: Gold eyes $3,800 but might need weak labor market data to get there

  4. MINING.COM reported ANZ raised its year-end gold forecast to $3,800, reflecting how quickly bank targets have moved with the rally.

    SourcesMINING.COM: ANZ raises year-end gold forecast to $3,800 - MINING.COM

  5. Reports pointed to demand and flows: ING (via FXStreet) said gold continues to attract investment flows, and a separate ETF roundup said global gold ETF assets hit $407 billion while silver ETF assets topped $40 billion.

    SourcesFXStreet: Gold continues to attract investment flows – INGEarlier news service: ETFs : Global Gold ETF Assets Hit $407 Billion, Silver Tops $40 Billion: What’s ..

  6. Demand signals were mixed across regions: one report said China gold discounts hit multi-year lows while other Asian hubs continued purchases, while BusinessLine said India’s festive gold demand is expected to decline because record prices are changing buying patterns.

    SourcesEarlier news service: CHINA gold discounts hit multi-year lows, other Asian hubs continue purchasesBusinessLine: India’s festive gold demand set to decline on record prices

Bull vs bear

The arguments the day’s reports made for each direction. We list them side by side; we don’t pick one.

The case for higher prices

The case for lower prices

What to watch

  • UpcomingU.S. jobs reportKitco said gold sentiment is very bullish into the release and suggested weaker labor data could help gold push toward the next round-number level discussed in the reports.

Metal by metal

Gold $3,769.85 +1.05%

Reports centered on gold’s strength, linking today’s gains to PCE-inflation-driven Fed easing expectations and continued investment/ETF flows. Several pieces also framed the next catalyst as upcoming U.S. labor data, with sentiment described as very bullish into that release.

Gold headlines

Silver $45.00 +0.13%

Coverage was more divided: FXStreet said silver retreated from 14-year highs as markets still expect at least two Fed rate cuts, while an ETF roundup noted silver ETF assets topping $40 billion and another piece argued retail participation has been pushing silver higher.

Silver headlines

Platinum $1,552.00 +3.12%

No report focused on platinum.

Platinum headlines

Palladium $1,275.00 +3.32%

No report focused on palladium.

Palladium headlines

The day’s reports

27 reports, most important first, New York time.

  1. 5:13 PM Kitco News · 5:13 PM Wall Street sees an unstoppable juggernaut in gold, Main Street boosts its bullish sentiment with jobs report on deck Kitco says Wall Street remains extremely bullish on gold ahead of the jobs report.
  2. 2:20 PM FXStreet · 2:20 PM▲ Reports a rise Gold climbs as PCE data fuels Fed easing speculation Gold rose as a softer PCE inflation reading fueled bets the Fed will keep easing policy.
  3. 8:30 AM Kitco News · 8:30 AM▲ Reports a rise Gold prices holding above $3,750 as U.S. core PCE shows annual inflation holding at 2.9% Gold holds above $3,750 after U.S. core PCE inflation comes in at 2.9% annually.
  4. 7:16 AM MINING.COM · 7:16 AM▲ Reports a rise ANZ raises year-end gold forecast to $3,800 - MINING.COM ANZ raised its year-end gold forecast to $3,800.
  5. 8:00 PM Investing.com · 8:00 PM Gold and Silver Miners Enjoy the Best of Both Worlds for Now ... Investing.com says gold and silver miners may benefit from a mix of inflation and economic conditions.
  6. 6:06 PM Kitco News · 6:06 PM All that glitters is getting pricier, but demand is not going away Kitco says precious metals are getting more expensive, but demand is still holding up.
  7. 2:25 PM Kitco News · 2:25 PM Gold eyes $3,800 but might need weak labor market data to get there Kitco says gold may need weak labor market data to push toward $3,800.
  8. 12:50 PM Kitco News · 12:50 PM Investors need to hedge stock and bond portfolios with commodities like gold – Goldman Sachs Research Goldman Sachs Research says investors should hedge stock and bond portfolios with commodities like gold.
  9. 10:00 AM Kitco News · 10:00 AM▲ Reports a rise Gold shoots to session high after final Consumer Sentiment falls to 55.1 in September Gold jumps to a session high after final September consumer sentiment falls to 55.1.
  10. 8:43 AM Kitco News · 8:43 AM▲ Reports a rise Gold price firmer after key U.S. inflation data as expected Gold firms after U.S. inflation data comes in as expected.
  11. 7:16 AM FXStreet · 7:16 AM▼ Reports a fall Silver Price Forecast: XAG/USD retreats from 14-year highs to below ... FXStreet says silver is retreating from 14-year highs as markets still expect at least two Fed rate cuts.
  12. 7:16 AM Investing.com · 7:16 AM Gold prices steady as tariff caution boosts haven demand; PCE data ... Gold prices were steady as tariff caution supported haven demand ahead of the U.S. PCE inflation report.
  13. 7:16 AM FXStreet · 7:16 AM▲ Reports a rise Trump drops more tariffs but markets take largely in stride FXStreet says tariff moves and shifting Fed inflation focus helped gold surge.
  14. 7:16 AM MINING.COM · 7:16 AM Mining Metrics: Mike McGlone on gold's record run and market risks ... MINING.COM features Mike McGlone’s view on gold’s record run and broader market risks.
  15. 5:54 AM FXStreet · 5:54 AM▲ Reports a rise Gold continues to attract investment flows – ING ING says gold continues to attract investment flows ahead of key U.S. inflation data.
  16. 5:14 AM Action Forex · 5:14 AM Gold (XAU/USD): In a Bullish Consolidation Above US$3,688 Despite a Firmer US Dollar Action Forex says gold remains in a bullish consolidation above US$3,688 after hitting a fresh all-time high.
  17. 2:10 AM BusinessLine · 2:10 AM Gold gains ₹171 to ₹1,12,800/10 g; silver retreat from record high in futures trade Gold rose ₹171 to ₹1,12,800 per 10 grams while silver retreated from a record high in futures trade.
  18. 2:09 AM BusinessLine · 2:09 AM▼ Reports a fall India’s festive gold demand set to decline on record prices BusinessLine says India’s festive gold demand is expected to decline as record prices change consumer buying patterns.
  19. 8:00 PM Investing.com · 8:00 PM Invesco DB Precious Metals Fund to update index methodology in ... Invesco DB Precious Metals Fund plans to update its index methodology.
  20. 8:00 PM Investing.com · 8:00 PM Vox Royalty closes $63.25 million public offering to fund gold ... Vox Royalty closed a $63.25 million offering to fund gold-related deals and acquisitions.
  21. 8:00 PM Investing.com · 8:00 PM Sandstorm Gold stock hits 52-week high at 12.2 USD By Investing.com Sandstorm Gold shares hit a 52-week high after news tied to its acquisition plans and sector strength.
  22. 2:01 PM CNBC · 2:01 PM Not the 60/40. Here is what you need in your portfolio: Bank of America Bank of America says investors should consider gold as part of a portfolio built for inflation and changing market conditions.
  23. 7:58 AM Kitco News · 7:58 AM Gold market analysis for September 26 - key intra-day price entry levels for active traders Kitco News published intraday gold market analysis with key price entry levels for active traders.
  24. 7:16 AM Investing.com · 7:16 AM▼ Reports a fall Wall Street declines as strong US data fuels uncertainty around Fed ... Investing.com says strong U.S. data is clouding Fed expectations while discussing gold among broader market assets.
  25. 5:02 AM Investing.com · 5:02 AM▼ Reports a fall Gold: Fading Rate Cut Hopes Could Trigger Selling Spree Investing.com argues fading rate-cut expectations could spark selling in gold.
  26. 2:55 AM Action Forex · 2:55 AM▼ Reports a fall Inflation Will Tell If Strong US Growth Was Bad News - Action Forex Action Forex says stronger U.S. growth hurt gold by trimming dovish Fed bets, while inflation expectations and geopolitical risks still support it.
  27. 4:55 PM sbcgold.com · 4:55 PM Precious Metals vs Base Metals: Why Investors Should Care ... A guide explains why investors should distinguish precious metals from base metals.

How this page is made

Collected every hour. Summed up twice a day. Linked to the source.

Where the news comes from

  • Reuters and Dow Jones headlines for gold, silver, platinum and palladium, through TradingView
  • Kitco News and MetalsDaily
  • The World Gold Council
  • Google News, for wider coverage
  • A daily AI web search for anything the feeds missed

How the briefs are written

Every hour we collect new headlines. An AI model from OpenAI tags each one by metal, topic and importance and writes a one-line summary from its headline and teaser. It doesn’t read paywalled articles. On weekdays at about 8 AM and after the 5 PM New York close, it writes a brief from the most important reports and our own spot price feed. Every point cites the reports it came from. On Fridays it writes a recap of the week.

Who publishes it

Bullion Trading LLC is a physical precious metals dealer in New York’s Diamond District, in business since 2008. Prices on this page come from our own live feed and LBMA history. We buy and sell bullion, so read the briefs as market context, not investment advice. Briefs are published automatically, without an editor’s review. If you spot an error, tell us.

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