Gold, silver slide as dollar rallies and Fed hike bets firm – Kitco AM Report

(Kitco NewsWire, Wed. Sep. 23rd, 2026) – Spot gold and silver prices are sharply lower in early U.S. trading Wednesday, as a stronger U.S. dollar, elevated Treasury yields and renewed Fed tightening expectations offset the latest pullback in oil prices. At the time of writing, spot gold was trading near $4,308.40 an ounce, down 1.12% on the session, while spot silver was trading near $65.000, down 2.88%.

The dollar rose to its strongest level in about two months as markets continued to price the Fed’s September rate increase as part of a renewed tightening cycle, not a one-off adjustment. The dollar index was near 100.79 in early European trade, while the 10-year Treasury yield held near the 5.0% area. The next immediate test is the September flash U.S. PMI release at 9:45 a.m. ET, followed by weekly jobless claims Thursday at 8:30 a.m. ET and August durable goods orders and final September consumer sentiment Friday at 8:30 a.m. ET and 10:00 a.m. ET, respectively. Stronger activity data or firmer price components would reinforce the higher-for-longer trade, keeping pressure on gold through real yields and the dollar. Softer data would give bullion a clearer path to stabilize above $4,300.

The Strait of Hormuz risk premium is being marked lower, but not removed. Oil prices extended their decline after Saudi Arabia restarted operations at its East-West Pipeline and traders weighed the possibility of U.S.-Iran diplomacy around the United Nations General Assembly. Brent crude was near $98.16 a barrel and WTI was near $89.01 in early trade, with both benchmarks around two-week lows after six straight declines. Lower crude reduces the immediate inflation impulse that had supported gold earlier in the conflict, but the unresolved U.S.-Iran backdrop still leaves a geopolitical bid under bullion and keeps energy-price risk inside the Fed reaction function.

The key outside markets see Nymex WTI crude oil prices lower and trading near $89.01 a barrel, while Brent crude was near $98.16. The yield on the benchmark 10-year U.S. Treasury note is trading near the 5.0% area. The U.S. dollar index is firmer. (Kitco Global Index shows how much of today’s gold move is the dollar versus the gold market itself.)

Technically, spot gold bulls’ next upside price objective is to push prices back above the $4,334.00 to $4,370.00 resistance zone, with a sustained move targeting $4,398.00 and then $4,405.00. Bears’ next near-term downside price objective is a break below $4,291.00, with deeper downside targets at $4,260.00 and then $4,230.00. First resistance is seen at $4,334.00 and then at $4,370.00. First support is seen at $4,291.00 and then at $4,260.00.