Precious Metals Prices

Precious metal prices increased 4.3% month on month in September, following August’s 2.1% rise.

Precious metals rose sharply in September, boosted by escalating geopolitical conflict in the Middle East, the first interest rate cut in the U.S. since 2020, a weaker USD and a monthly dip in U.S. treasury bill yields. Gold—which makes up the lion’s share of the precious metal group—traded at a fresh all-time high of USD 2,667 per troy ounce in late September. Supply concerns in the palladium and platinum markets added further upward pressure to the metals’ prices, and recent stimulus in China fueled demand for silver, the price of which rose to an over one-decade high of USD 32.22 per troy ounce on 26 September. That said, Federal Reserve Chair Jerome Powell’s suggestion that future U.S. rate cuts could be gradual tempered the upturn in precious metal prices towards end-September.