Gold Prices Surge Nearly 2% After Three-Day Decline, Silver Soars

Gold prices strengthened sharply in trading on Thursday (17/09/2026), after hitting a nearly six-week low in the previous session. The surge was driven by a weakening US dollar and a decline in oil prices.

According to Refinitiv, gold prices closed at US$ 4,340.09 per troy ounce on Thursday (17/09/2026), jumping 1.8%, or nearly 2%. This increase broke a negative trend where gold had fallen for three consecutive days.

Gold prices continued to improve today. On Friday (18/09/2026) at 07:10 WIB, gold prices rose by 0.13% to US$ 4,345.83 per troy ounce.

David Meger, Director of Metals Trading at High Ridge Futures, stated that the decline in energy prices has eased the inflationary pressures that previously weighed on gold. “Gold has a very close and inverse relationship with energy prices, based on those inflationary pressures. Energy prices have fallen quite drastically. Therefore, this drop in energy prices is what has reduced some of the pressure on the gold market,” said David Megeler, as quoted by Refinitiv.

Oil prices fell for the second day to a one-week low, while the US dollar index weakened from its seven-week high. US 10-year Treasury yields also declined.

The market remains focused on the Federal Reserve’s policy, which raised interest rates on Wednesday and opened the door for further increases. Market participants now see a 51% chance of an interest rate hike in October, up from approximately 44% the previous day. Rising interest rates typically pressure gold because the asset does not provide a yield.

UBS assesses that the US fiscal deficit, high US debt, potential dollar weakness, and the possibility of the Fed easing policy again next year could support gold prices, despite high short-term volatility. “Increasing fiscal deficits, higher debt burdens, potential US dollar weakness eventually, as well as our expectation that the Fed will ease policy again next year, should support gold prices even though short-term volatility remains high,” UBS stated in a note to Reuters.

Silver prices also soared. According to Refinitiv, silver prices closed at US$ 65.19 per troy ounce on Thursday (17/09/2026), surging by 3.6%, or nearly 4%.

Silver prices continued to improve today. On Friday (18/09/2026) at 07:10 WIB, silver rose by 0.15% to US$ 65.29 per troy ounce.