Gold futures rose 3.7% in the third quarter of 2026, from $4,038.50 an ounce on June 30 to $4,186.70 on September 30, after reaching $4,697.80 on August 24, DataPorium data show [1]. Gold exchange-traded funds attracted a record $31 billion in the quarter and global holdings reached a record 4,256 tonnes in September, the World Gold Council reported [2]. Silver rose 1.0% to $60.10. Both metals remained below their January 2026 records and were down for the year at the end of September [1].
How did gold and silver prices move in Q3 2026?
| Date | Gold ($/oz) | Silver ($/oz) | Gold-silver ratio |
|---|---|---|---|
| December 31, 2025 | 4,341.10 | 70.13 | 61.9 |
| Record close (January 2026) | 5,318.40 (Jan 29) | 115.08 (Jan 26) | n/a |
| June 30, 2026 | 4,038.50 | 59.48 | 67.9 |
| July 31, 2026 | 4,107.00 | 57.59 | 71.3 |
| August 24, 2026 (Q3 high for gold) | 4,697.80 | 68.54 | 68.5 |
| August 31, 2026 | 4,481.50 | 66.22 | 67.7 |
| September 30, 2026 | 4,186.70 | 60.10 | 69.7 |
| October 9, 2026 | 4,216.30 | 60.67 | 69.5 |
Source: DataPorium Commodities, daily closes of front-month gold and silver futures [1]. The gold-silver ratio is the number of ounces of silver that one ounce of gold buys.
The quarter had three phases. Gold traded near $4,000 in July, touching its quarterly low of $3,992.10 on July 16 [1]. It then rose about 18% from the July low to $4,697.80 on August 24 [1]. In September it fell 6.6%, from $4,481.50 on August 31 to $4,186.70 on September 30, giving back much of the gain [1]. For 2026 through September, gold was down 3.6% and silver 14.3%, and gold was 21% below its January 29 record close [1].
Why did gold rise in August and fall in September?
The dollar
Gold is priced in dollars, so a weaker dollar tends to lift it. The Federal Reserve's broad dollar index fell from 120.92 on June 30 to 118.32 on August 24, the day gold peaked, a decline of 2.2% [4]. The Fed's minutes said the dollar depreciated over the summer, partly because of a "joint U.S.-Japan intervention to support the yen in late July" [5]. From August 24 to September 30, the dollar index rose 2.2% to 120.97, and gold fell [4].
Interest rates
Gold pays no interest, so higher bond yields raise the cost of holding it. The 10-year Treasury yield rose from 4.70% on August 24 to 5.29% on September 30, DataPorium data show, and the Fed raised its target range to 3.75% to 4.00% on September 16 [3]. CNN reported that bond yields rose around the world in September as central banks turned toward raising rates to fight energy-driven inflation [6]. Those moves coincided with gold's September decline.
War and safe-haven demand
The war with Iran supported demand for gold as a store of value, but it also pushed up oil prices and inflation, which led central banks to raise rates. In 2026 the second effect has often outweighed the first: gold set its record in late January, before the war began on February 28, and was lower at the end of September than at the start of the year [1].
How does Q3 compare with the rest of 2026?
The third quarter was a partial recovery after a steep second-quarter decline. Gold fell from $5,247.90 on February 27, the last trading day before the war began, to $4,647.60 at the end of March, and then to $4,038.50 at the end of June, a second-quarter drop of 13.1% [1]. Its second-quarter high was $4,879.60 on April 17 and its low $4,008.80 on June 24 [1]. Silver fell even more, from $74.69 at the end of March to $59.48 at the end of June, a 20.4% decline [1].
Seen that way, the 3.7% third-quarter gain stopped the decline but recovered only a small part of it. Gold's September 30 price was still 9.9% below its end-of-March level [1]. Global gold ETF holdings, by contrast, reached a record in tonnes in September [2].
Who was buying gold in Q3 2026?
Investment funds were heavy buyers even as prices swung. The World Gold Council reported global gold ETF inflows of $31 billion in the third quarter, a record, including $10 billion in September alone, which lifted global holdings by 67 tonnes to a record 4,256 tonnes [2]. By region, North American funds added $12 billion in the quarter, European funds $14 billion and Asian funds $4.9 billion [2].
| Region | Gold ETF flows, September 2026 | Gold ETF flows, Q3 2026 |
|---|---|---|
| North America | $4.0 billion | $12 billion |
| Europe | $3.6 billion | $14 billion |
| Asia | $2.3 billion | $4.9 billion |
| Global | $10 billion | $31 billion |
Source: World Gold Council, Gold ETFs holdings and flows, October 7, 2026 [2]. Regional totals may not add to the global figure because of rounding and other regions.
Despite September's inflows, the value of gold ETF assets fell 7% during the month to $574 billion, because the price drop outweighed new money [2]. Record holdings in tonnes alongside falling prices suggest that investors used the September decline to add to positions.
What about silver and copper?
Silver behaves partly like gold and partly like an industrial metal. It rose 1.0% in the quarter to $60.10, after reaching $68.54 on August 24, and was 48% below its January 26 record of $115.08 at the end of September [1]. The gold-silver ratio rose from 61.9 at the start of the year to 69.7 on September 30, meaning silver underperformed gold [1].
Copper, a purely industrial metal, did better. Copper futures rose 5.9% in the third quarter to $6.56 a pound and set a record close of $6.80 on September 9; they were up 16.5% for the year [1].
Gold rose 3.7% in Q3 2026 to $4,186.70 after an August peak of $4,697.80, while gold ETFs drew a record $31 billion and global holdings hit a record 4,256 tonnes.
Frequently asked questions
What is the price of gold in October 2026?
Gold futures closed at $4,216.30 an ounce on October 9, 2026, DataPorium data show [1]. The record close was $5,318.40 on January 29, 2026.
Why did gold go down in September 2026?
Gold fell 6.6% in September as the dollar strengthened and the 10-year Treasury yield rose above 5% after the Fed's September 16 rate hike, which raised the cost of holding a metal that pays no interest [1][3][4].
Are investors buying gold ETFs in 2026?
Yes. Global gold ETFs took in a record $31 billion in Q3 2026, including $10 billion in September, according to the World Gold Council [2].
What is the gold-silver ratio in 2026?
The ratio was 69.7 on September 30, 2026, up from 61.9 at the end of 2025, based on DataPorium futures prices [1].
Sources & References
- [1] DataPorium Commodities (gold, silver and copper futures, daily closes)
- [2] World Gold Council, Gold ETFs holdings and flows, October 2026 (published October 7, 2026)
- [3] DataPorium Interest Rates (Treasury yields and Fed decisions)
- [4] Federal Reserve Bank of St. Louis, FRED, Nominal Broad U.S. Dollar Index (DTWEXBGS)
- [5] Federal Reserve, Minutes of the FOMC, September 15-16, 2026
- [6] CNN Business, Global bond sell-off deepens, sending borrowing costs higher around the world (September 24, 2026)
