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Weekly recap · Sep 22–Sep 26, 2025

Fed-cut expectations and record gold led a strong week for bullion buyers

Gold, silver and the platinum-group metals all finished higher for the week of Sep. 22, with gold ending Sep. 26 at $3,769.85 an ounce and silver at $45.00. Reports tied the early-week surge to expectations for further Federal Reserve easing and a pause in the dollar’s rise, then described a midweek pullback after Chair Powell offered no fresh policy signal. By Friday, several outlets said softer inflation data kept the focus on easier policy and ongoing investment demand. Platinum and palladium were the week’s standout gainers in our feed.

AI summaryWritten automatically with AI from 45 linked reports and our own price data, Oct 21, 3:11 AM ET. Each point links to its sources. Published without an editor’s review; not investment advice. How this page is made

The week in prices

  • Gold$3,769.85+2.9%
  • Silver$45.00+6.5%
  • Platinum$1,552.00+11.4%
  • Palladium$1,275.00+10.8%

Tone of the reports: Leaning higher

The week’s key developments

  1. Gold pushed to fresh record highs early in the week as several outlets linked the move to expectations for additional Fed rate cuts and a dollar that “paused for breath.”

    SourcesReuters: Dollar pauses for breath with Fed speakers in focus | Reuters2: Gold hits record high on bets of further rate cuts ahead of Powell's address3: Gold surges to new peak as investors await Powell commentsInvesting.com: Gold prices rise with record highs close amid Fed rate cut cheer By ...Action Forex: XAU/USD: Gold at New Record Highs Above $3,700MarketWatch: Gold hit a record and silver's at a 14-year high — this Wall Street ...+1

  2. Markets’ focus tightened around Chair Powell’s message that the Fed is balancing job-market and inflation risks, which multiple reports said kept rate expectations and the dollar central to gold’s day-to-day swings.

    SourcesReuters: Fed's Powell: Repeats no risk-free path as Fed balances job, inflation risksFXStreet: Gold consolidates below record highs as Powell signals balanced ...Investing.com: Gold prices hit new record highs; Powell speech in focus By ...

  3. After Powell, multiple sources described gold easing as the dollar firmed and the speech did not provide new guidance, cooling the latest run-up.

    SourcesKitco News: Stocks dip as dollar rises after Fed's Powell offers no new clues ...Earlier news service: GOLD Pulls Back Sharply After Powell Comments

  4. Friday’s inflation focus leaned dovish again: FXStreet and Kitco said PCE data supported continued Fed-easing expectations and helped gold hold above the mid-$3,700s.

    SourcesFXStreet: Gold climbs as PCE data fuels Fed easing speculationKitco News: Gold prices holding above $3,750 as U.S. core PCE shows annual inflation holding at 2.9%

  5. Several reports pointed to demand-side support themes beyond U.S. rates, including official-sector interest tied to China and continued investor participation.

    SourcesYahoo Finance: Gold Hits Fresh Record as Traders Weigh China Reserves, Fed Cuts2: Gold surges to new high as Wall Street predicts precious metal has ...Bloomberg: China Courts Foreign Gold Reserves in Bid to Boost Global Clout ...

  6. ETF positioning stayed in the headlines: one report said global gold ETF assets reached $407 billion and silver ETF assets topped $40 billion.

    SourcesEarlier news service: ETFs : Global Gold ETF Assets Hit $407 Billion, Silver Tops $40 Billion: What’s ..

  7. On the supply side, Investing.com highlighted Freeport’s Grasberg disruption and expected lower copper and gold sales, a reminder that mine issues can tighten near-term availability.

    SourcesInvesting.com: Freeport declares force majeure at Grasberg, expects lower copper ...2: Freeport confirms two fatalities in Indonesia mine incident ...

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 next week

  • Next weekU.S. jobs reportKitco said gold sentiment was being framed with the jobs report “on deck,” because labor data can shift expectations for Fed policy and the dollar.

Metal by metal

Gold $3,769.85 +1.05%

Reuters and others tied gold’s records to shifting Fed-cut expectations and moves in the U.S. dollar, with a midweek dip blamed on a firmer dollar after Powell offered no new clues. Kitco and FXStreet later said PCE data kept easing expectations in play, while other coverage highlighted demand themes such as China/official-sector interest and rising ETF assets.

Gold headlines

Silver $45.00 +0.13%

Coverage was thinner than gold, but reports still framed silver’s strength alongside the broader “lower rates/weaker dollar” narrative early in the week and noted a retreat from multi-year highs later on. One ETF roundup said silver ETF assets topped $40 billion.

Silver headlines

Platinum $1,552.00 +3.12%

Kitco highlighted ongoing platinum market “tightness” and said it continued even as other markets reacted to the dollar and Fed messaging.

Platinum headlines

Palladium $1,275.00 +3.32%

Coverage in the reports was thin; most of the week’s palladium story in this packet was the strong price momentum shown in our market data.

Palladium headlines

Day by day

  1. Monday, Sep 22Gold sets another record as rate-cut hopes lift all precious metals
  2. Tuesday, Sep 23Gold closes at $3,783.80 as record run extends ahead of Powell focus
  3. Wednesday, Sep 24Gold and silver eased after Powell; platinum held firm amid tightness talk
  4. Thursday, Sep 25Gold eased while silver and PGMs rose as U.S. data firmed and policy signals stayed mixed
  5. Friday, Sep 26Gold closes at $3,769.85 as softer PCE keeps Fed-easing talk alive; PGMs jump

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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