Market Overview 16-09-2026 to 22-09-2026

September 22, 2026

Market Overview 16-09-2026 to 22-09-2026

Precious Metals Market – The Beginning of a Price Surge?

Last week, the major precious metals markets recorded price increases of varying magnitude. The Fed’s interest rate hike, the ongoing crisis in the Middle East and the tense situation in the global energy sector all contributed to favourable investor sentiment.

Between September 16 and September 22, the global gold price rose by more than 1.3% and reached USD 4,320 per troy ounce.

In the near term, various Wall Street analysts unanimously forecast higher gold prices. Clear central bank decisions on interest rates are contributing to this optimistic outlook.

Last week, the Fed decided to raise interest rates for the first time in more than three years. In addition, judging by market positioning, the probability that the Fed will raise interest rates again at its October meeting has reached nearly 51%.

As US interest rates rise, gold, silver and other US dollar-denominated precious metals typically become less attractive investment choices for holders of foreign currencies. However, amid the geopolitical conflict in the Middle East and fears of an inflation crisis, central banks in various major markets have also recently been raising interest rates.

The European Central Bank has already raised its key interest rates in September for the second time this year. The Bank of Japan raised interest rates to their highest level in 31 years. The Reserve Bank of Australia is also expected to raise its interest rate next week.

Coordinated interest rate hikes by central banks, sharply higher oil prices and fears surrounding the prolonged US-Iran war and a potential inflation crisis are encouraging investors and central banks in various countries to pay greater attention to precious metals. Total central bank gold holdings have reached their highest level in five decades this year.

The global silver price rose by around 3.7% between September 16 and September 22 and reached USD 65.30 per troy ounce.

The global palladium price rose by more than 1.4% over the same period and reached USD 1,291 per troy ounce.

The global platinum price rose by more than 2.1% between September 16 and September 22 and reached USD 1,788 per troy ounce.

The global copper price rose by more than 3.7% over the same period and reached USD 14,766 per tonne.

The rise in copper prices is being driven not only by the crisis in the Middle East and significantly reduced shipping traffic through the Strait of Hormuz. More pronounced developments in the metal’s mining sector are also pushing copper prices higher.

According to investment firm Sprott Asset Management, annual global mined copper production could decline in 2026 for the first time in nearly a decade. It has also been noted that global mined copper production in the first half of this year alone has already fallen by 1.1% compared with the same period last year. The copper mining sector is not the only area facing problems. Investors and market traders are also watching the tense situation surrounding imports of this industrial metal into the US market.

In 2025, the United States imposed a 50% import tariff on semi-finished copper products (e.g. wires, tubes and rods) and certain other copper products. More recently, broader tariffs have been under consideration.

The US Commerce Department proposed introducing a 15% tariff on refined copper from 2027; from 2028, the tariff was planned to be increased to 30%. However, there are reasonable doubts as to whether these plans will become reality: on September 10, the White House confirmed that a final decision on refined copper has not yet been made. Potential risks are being reviewed, with serious consideration being given to the threat that more expensive imported copper could increase costs for US manufacturers.