At the time of writing, gold is trading around $4,362 an ounce, down roughly 0.9% today, while silver has fallen more sharply to about $64.92, a decline of 3.3%.
The immediate trigger was yet another uncomfortable US inflation report, in the form of August’s PPI. Producer prices rose 0.4% in August and 5.4% over the year, this was driven heavily by energy costs. That reading subsequently pushed Treasury yields (and the dollar ) higher and inevitably increased expectations of a Federal Reserve rate rise next week.
This week and next are ones to watch in terms of data releases and central bank decisions. Already this week the European Central Bank has met and decided to raise its deposit rate by 25 basis points, to 2.5% today. The Federal Reserve is set to announce its decision next Wednesday, and this will be followed by the Bank of England and Bank of Japan.
For gold and silver, this creates a difficult short-term backdrop: geopolitical tension and expensive oil support safe-haven demand, but the resulting inflation also keeps interest rates and real yields elevated.
But these are about numbers on a screen, because underlying demand for both metals looks considerably stronger. The World Gold Council reported a few days ago that global gold-backed ETFs attracted $18 billion in August, this is the second-largest monthly inflow on record. Holdings rose by 121 tonnes to a record 4,189 tonnes, led by Europe and North America.
It’s becoming standard to write this now but…central banks continue to accumulate gold. China added another 20.2 tonnes in August, its largest monthly purchase since 2023 and its 22nd (!) consecutive month of buying. Poland still holds the prized spot of being 2026’s largest reported buyer.
Anyone readying themselves to vote in the upcoming midterm elections may have set their ears burning yesterday when President Trump promised a $5,000 “Trump Dividend” to every American adult if Republicans retain Congress in November. The hugely questionable proposal could cost more than $1.2 trillion and would require congressional approval. It is a remarkable promise when US national debt has exceeded $40 trillion. If actioned then it will likely add to inflation and keep rates higher in the short term, while reinforcing longer-term concerns about deficits and the dollar.
That tension leads directly into today’s GoldCore TV video. We examine reports that Russian gold exports to China have reached roughly 100 tonnes during 2026, and ask whether Russia’s exclusion from the dollar system has helped create a working alternative.
While Western central banks carefully rearrange gold between allied vaults, Russia and China are developing trade and settlement channels that do not depend upon Western banks or currencies. Gold is no longer simply being held for a future emergency. It is beginning to demonstrate how it can function as modern, politically neutral money.
Watch today’s video to understand why Russia’s gold shift may have consequences far beyond Moscow and Beijing.
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