<p>September 21, 2026 – Gold and silver managed to regain some ground last week despite facing what might sometimes be a difficult environment for precious metals.</p>
<p>Gold finished the week up roughly 0.5% at $4,385.90 per ounce, snapping a three-week losing streak. Silver performed considerably better, gaining 3.1% to $66.56.</p>
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<p>That relative strength is noteworthy considering what happened elsewhere in the financial markets. The U.S. dollar strengthened substantially, and Treasury yields remained elevated following the Federal Reserve’s first interest rate increase since 2023.</p>
<p>The Fed raised its benchmark rate by a quarter percentage point last Wednesday to a range of 3.75% to 4.00%. More importantly, the central bankers signaled they may not be finished.</p>
<p>The Fed’s updated projections point toward at least one additional rate hike this year as officials contend with the stubborn inflation they helped create. The 10-year Treasury yield finished the week near 5%, while inflation-adjusted yields also moved higher.</p>
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<p>Conventional wisdom, which is often flawed, says that a stronger Federal Reserve note and higher real interest rates will weigh heavily on gold and silver.</p>
<p>Yet both metals finished higher.</p>
<p>Gold's resilience suggests there remains substantial underlying investment demand even as leveraged futures traders have become somewhat less enthusiastic.</p>
<p>Gold-backed exchange-traded funds attracted $18 billion during August, according to World Gold Council data. That was the second-largest monthly inflow on record and pushed global ETF gold holdings to a record 4,189 tonnes.</p>
<p>Central banks haven't lost their appetite for the yellow metal either. China reportedly added another 20.2 tonnes of gold in August, its largest monthly purchase since 2023 and its 22nd consecutive month of reported buying.</p>
<p>Silver, meanwhile, continues to show relative strength.</p>
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<p>The gold-to-silver ratio has fallen into the mid-60s after reaching roughly 72 earlier this year. As long as the ratio remains below the 69 area, the technical picture continues to favor silver relative to gold.</p>
<p>For gold, $4,230 has emerged as an important support level. The metal tested that area last week before buyers stepped in aggressively. Silver similarly has important support around $62.30.</p>
<p>The metals are starting the new week quietly, with gold slightly down and silver flat.</p>
<p>One factor helping calm markets Monday morning is oil.</p>
<p>Brent crude fell roughly 2% toward $102 per barrel as traders reacted to hopes that this week's United Nations meetings could produce some diplomatic progress involving Iran.</p>
<p>But geopolitical risks are still extremely high. The Middle East conflict continues, while Russia and Ukraine intensified attacks over the weekend, including strikes involving energy infrastructure.</p>
