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Thursday, September 24, 2026
What’s happening: Silver prices extended their retreat this morning, trading near four-week lows as broad-based US dollar strength continued to weigh on metals.
What happened: Silver prices continued to record losses, after Wednesday’s steep decline, which took silver to its lowest level since late August.
The moves came as the US dollar surged to its firmest level in almost two months, while the benchmark 10-year Treasury yield held above 5.1%.
Why it matters: Precious metals remained under pressure for a third straight session as markets priced in further interest rate hikes by the Federal Reserve. Remarks from a string of Fed officials, including St. Louis Fed President Alberto Musalem, Chicago Fed President Austan Goolsbee and Richmond Fed President Tom Barkin, reinforced expectations of borrowing costs rising further, following the central bank’s 25bps hike on September 16, its first since 2023.
The gold-silver ratio widened to around 66:1, reflecting silver’s dual role as both a monetary and industrial metal. This made silver more sensitive to the current pullback.
Higher US Treasury yields weighed on metals, raising the opportunity cost of holding non-interest-bearing assets like gold and silver.
Strength in the US dollar exerted pressure on silver, as a higher greenback makes metals costlier for holders of other currencies. The US dollar index, which measures the greenback’s performance versus a basket of major peers, gained around 0.1% to 101.15 this morning.
Despite the recent pressure, both silver and gold are trading higher year to date. Silver is up around 45% over the past 12 months. Central banks have continued to accumulate gold at a record pace, raising its demand and limiting pullback.
Spot price for silver fell 1.1% to $63.7660 an ounce this morning, while gold prices declined 0.3% to $4,274.75 an ounce.
In other metals trading, platinum prices declined 0.5% to $1,745.89, while palladium prices fell 0.6% to $1,260.65 this morning.
What to watch: Data on initial jobless claims (1630 UAE Time), current account (1630 UAE Time) and new home sales (1800 UAE Time) will be released by the US today. The number of people claiming jobless benefits, which declined by 10,000 to 196,000 in the second week of September, are expected to rise to 201,000 in the latest week.
The US current account deficit, which widened to $226.8 billion in the first quarter from $221.1 billion in the final quarter of 2025, is expected to widen further to $255 billion in the second quarter. Analysts expect new home sales to rise by 3.2% in August, following a 10.5% decline in July.
Context: The EUR/USD pair fell to around a two-month low amid strength in the US dollar.
Details: The US dollar rose this morning following upbeat PMI data and hawkish comments from Federal Reserve officials, reinforcing speculations of further monetary-policy tightening.
Strength in the US dollar weighed on the European common currency. The US dollar index, which measures the greenback’s performance versus a basket of major peers, gained around 0.1% to 101.15 this morning.
Investors also responded to upbeat PMI data from the Eurozone, strengthening speculations of the European Central Bank raising its benchmark interest rate further this year.
The S&P Global Eurozone manufacturing PMI came in unchanged at 52.7 in September but slightly higher than market estimates of 52.6. Eurozone’s composite PMI climbed to 53.1 in September from 52.0 in August, topping market estimates of 51.7.
The S&P Global Germany’s manufacturing PMI declined to 53.8 in September, from August’s over four-year high of 54.3 and came in below market expectations of 54. However, Germany’s services PMI surged to a seven-month high of 52.9 in September from 49.7 in the previous month.
The EUR/USD forex pair slipped to 1.1385 this morning, while the EUR/GBP pair traded almost flat at 0.8600.
What to watch: Investors await data on Germany’s Ifo business climate index (1200 UAE Time), current conditions index (1200 UAE Time) and expectations index (1200 UAE Time) today. Germany’s Ifo business climate index, which surged to 88.8 in August to record its highest level in a year, is expected to rise further to 89 in September.
Analysts expect Germany’s Ifo current conditions index to surge to 89 in September from 88.5 in the previous month, while the expectations index is projected to rise to 89.3 in September from 89.1 in August.
Other Markets: Asian markets traded mixed this morning, with Hong Kong’s Hang Seng index and China’s CSI 300 down by 0.28% and 1.00%, respectively, and Japan’s Nikkei 225 up by 1.33%.
Ukraine’s President Volodymyr Zelenskyy said Kyiv is ready for an “energy ceasefire” with Russia, conditional on Moscow halting strikes on its power and heating infrastructure. The news sent the USD/RUB forex pair higher in forex trading this morning.
Japan’s flash composite PMI slowed to 52.5 in September, from 53.5 in August. Although the composite PMI fell to a four-month low, the reading remaining in the expansion zone exerted pressure on the USD/JPY forex pair.
Hong Kong’s annual inflation rate came in unchanged from the previous month at 1.7% in August, sending the USD/HKD pair lower in forex trading this morning.
The UK’s composite PMI slowed to 51.7 in September from 52.5 in August. The latest reading coming in below market estimates of 52 exerted pressure on the GBP/USD forex pair.
Australia’s unemployment rate rose to 4.6% in August, from July’s reading and market estimates of 4.5%. This being the highest jobless rate since November 2021 sent the AUD/USD pair lower in forex trading this morning.
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