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Gold and silver prices drop sharply as strong U.S. PMI boosts yields and dollar, raising Fed rate hike odds.

Market News
23 Sep 2026
Kitco
View Source
Bearish
Gold and silver prices drop sharply as strong U.S. PMI boosts yields and dollar, raising Fed rate hike odds.

Gold and silver prices fell sharply after a stronger-than-expected U.S. PMI report lifted Treasury yields and strengthened the dollar, increasing expectations of a Fed rate hike in October. Spot gold dropped 1.63% to around $4,286 an ounce, while silver fell 3.88% to about $64.33. The U.S. stock market also declined amid tighter financial conditions, with major indices like the S&P 500 and Nasdaq down. Rising oil prices and geopolitical tensions in the Middle East added to inflation concerns, supporting yields and pressuring precious metals. Traders will watch upcoming U.S. jobless claims and durable goods data for further clues on rate moves.

Gold price movements are the subject here, with Pluang market data providing context. For readers following US stocks, out of 150 priced stocks on Pluang, 48 rose and 101 fell. Notable movers include UMC at USD 24.61 with a 1-day change of -4.52%, FUBO at USD 9.69 down 4.34%, and PTON at USD 4.81 down 4.18%. This snapshot is as of Sep 24, 2026 04:11 WIB.

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