ABC Bullion Monthly Market Update September 2026

Gold and silver fell sharply during September, with gold falling by close to 6% in USD terms, while silver was off by almost 9%, with the bounce that took place for most of August proving short-lived.

Despite the now nearly nine-month price consolidation for precious metals, prices are still positive on an annual basis, with gold up nearly 10% and silver up close to 30% in the 12 months to end September.

Equities were also flat during September, with valuation concerns and fears over an AI bubble impacting investor confidence. Higher interest rates, as well as surging oil prices, are also having an impact, with a global growth slowdown almost certain as we head into 2027.

Inflation also remains at problematic levels, both in Australia and the United States, which can be expected to support bullion demand in the coming months.

Investor positioning also remains supportive, with inflows into financial products continuing, while central banks (led by China) continue to accumulate. Technical indicators are also supportive, with all the froth and excess that had built into the precious metals market by end January now well and truly gone.

Given these dynamics, it is no surprise to see opportunistic buyers adding to their holdings in the current market.

These market moves are covered in our ABC Bullion September Market Update.

The report features detailed charts on precious metal prices, ratios between gold, silver and platinum, as well as updates on equity performance, commodity market moves and investor positioning. It is a key resource for Australian investors wanting to navigate the precious metal market.

Until next time,

Jordan Eliseo
General Manager, ABC Bullion

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