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Friday, September 18, 2026
What’s happening: Gold prices traded higher this morning, extending gains after surging 2% in the previous session.
What happened: The yellow metal recovered from around six-week lows on Thursday, amid a decline in crude oil prices and weakness in the US dollar.
Investors also responded to interest rate decisions by the Federal Reserve, Bank of England and Bank of Japan.
Why it matters: On Wednesday, the Federal Reserve announced a hike in its key interest rates by 25bps to 3.75%-4.00%, as widely expected. Investors expect the US central bank to announce another rate hike this year.
The Bank of England left its benchmark interest rates unchanged at 3.75%, in-line with expectations. The BoE’s Monetary Policy Committee said that the prolonged US-Iran conflict had pushed energy prices higher and increased volatility. The MPC said that UK’s CPI inflation had been pushed to 3.1% in August and further increases could be expected in coming quarters.
The Bank of Japan raised its key short-term rate by 25bps to 1.25% this morning, taking the rate to the highest level since April 1995. The decision came broadly in-line with expectations.
Crude oil prices continued to decline for a third consecutive session on easing concerns around supply disruptions, with Saudi Arabia looking to resume about half the capacity of its East-West pipeline, after the link was halted last week following drone attacks.
The US dollar eased from a seven-week high. Weakness in the US dollar lent support to gold prices as a softer greenback makes metals cheaper for foreign currency holders. The US dollar index, which measures the greenback’s performance versus a basket of major peers, slipped to 100.23 this morning.
The yield on the 10-year US Treasury also fell from multi-year highs, lending support to the bullion. High yields on US Treasuries decrease the demand of the non-yielding gold.
Spot price for gold rose around 0.2% to $4,348.10 an ounce this morning, after surging more than 2% in the previous session.
In other metals trading, spot price for silver gained 0.7% to $65.6535 this morning. Platinum rose 0.7% to trade at $1,784.91, while palladium jumped 1.1% to $1,297.85.
What to watch: Investors will keep an eye on ongoing US-Iran conflict.
Data on industrial production (1715 UAE Time) and CB leading index (1800 UAE Time) will be released today. Industrial production in the US, which rose by 0.2% in July, is expected to grow by 0.3% in August. Analysts expect the CB leading index to rise 0.2% in August following a 0.1% gain in July.
Context: Equity markets in Europe closed higher on Thursday as investors digested the latest inflation data.
Details: Data released on Thursday showed that Eurozone’s annual inflation accelerated to 3.2% in August. With this, annual inflation rose to the two-and-a-half-year high recorded in May. However, the latest release came in lower than the preliminary reading of 3.3%.
The latest inflation rate remained above the European Central Bank’s 2% target, driven mostly by a surge in energy prices due to the ongoing US-Iran conflict. Energy inflation accelerated to 14.3%, its highest since January 2023.
Among the Eurozone’s biggest economies, Germany’s inflation rate accelerated to 2.9% from 2.8%, while inflation in France rose to 2.6% from 2.4%. The Netherlands bucked the trend, with inflation falling to 2.8% from 3.0%.
Meanwhile, US President Trump warned of imposing “very heavy tariffs” on the EU or stop trading with the bloc, in case it proceeds with its plan of making Canada its first-ever associate member.
Auto stocks were among the top performers on Thursday, with shares of BMW, Stellantis and Renault recording gains during the session. Tech stocks also surged, with ASML rising around 2%. Shares of Sodexo gained around 3% after JPMorgan upgraded its rating on the stock from Neutral to Overweight.
The STOXX Europe 600 Index rose 0.86% to close at 642.60 on Thursday, Germany’s DAX 40 rose 0.7% to 25,716.71 and France’s CAC 40 added 0.57% to settle at 8,186.93. The FTSE 100 jumped 1.19% to 10,816.14 with the Bank of England keeping its benchmark interest rate unchanged.
What to watch: Investors will continue monitoring the ongoing tensions between the US and Iran.
Data on the Eurozone’s current account (1200 UAE Time), European Central Bank’s consumer inflation expectations (1200 UAE Time) and construction output (1300 UAE Time) will be released today. The Eurozone’s current account surplus, which widened to €46.9 billion in June from €37.6 billion in the year-ago period, is expected to narrow to €36.0 billion in July.
Median projections for price growth over the next 12 months, which fell to 2.9% in July from 3% in the previous month, are likely to rise again to 3% in August. Analysts expect Eurozone’s construction output to contract by 1% year-over-year in July following a 0.7% decline in June.
Other Markets: US trading indices closed higher on Thursday, with the Dow Jones index, S&P 500 and Nasdaq 100 up by 0.61%, 1.14% and 1.73%, respectively.
Poland temporary closed two of its airports near the Ukraine border citing continued attacks by Russia. The news sent the USD/RUB pair lower in forex trading this morning.
Japan’s annual inflation rate came in unchanged at 1.9% in August. Inflation remaining at its highest reading since December 2025 lent support to the USD/JPY forex pair.
New Zealand’s trade deficit rose to NZ$1.35 billion in August from NZ$1.31 billion in the year-ago month, which sent the NZD/USD pair lower in forex trading this morning.
Canada’s producer prices rose 12.40% in July, which lent support to the USD/CAD forex pair.
China’s urban youth unemployment rate surged for a second straight month to 18.9% in August from 17.9% in July. However, the USD/CNY pair slipped in forex trading this morning.
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