Comex silver for December delivery fell as much as 3.2 percent to $64.83 an ounce on Tuesday, September 1, before steadying at $65.48, a loss of 2.3 percent on the day. Gold moved in the same direction, dropping as much as 2.4 percent to $4,374.10 an ounce in New York, its weakest level since August 19, and trading at $4,398.90 by late morning. Spot gold settled 1.7 percent lower at $4,362.57. The three day decline was the longest losing streak for bullion since early July.
Pressure came from the bond market. A global selloff drove yields to their highest levels since 2008, with 10 year Treasury yields holding near 4.77 percent. Traders raised the odds of a Federal Reserve rate increase this month to almost 70 percent after central bank officials signaled that policy should be ready to respond if inflation fails to subside. Brent crude held above $92 as renewed hostilities in the Middle East revived concerns about oil flows through the Strait of Hormuz.
The gold to silver ratio moved to about 67 ounces of silver per ounce of gold, down from 70 at the end of July. Gold rose roughly 10 percent in August, its strongest month since January, leaving bullion up 0.7 percent for 2026 and about 20 percent below the record close of $5,419.83 set on January 28.
Mining equities told a different story. The NYSE Arca Gold Miners Index climbed 33 percent in August, its strongest August since at least 1994. Over the past month Coeur Mining and Hecla Mining each gained 38 percent, Wheaton Precious Metals added 36 percent, and Newmont rose 32 percent.
Source: MINING.com - https://www.mining.com/gold-price-erases-2026-gains-as-fed-hike-bets-climb-to-70-silver-slides/