Gold started the week with a heavy blow. Before European markets had even opened on Monday 28 September, the spot price broke below the $4,200 per troy ounce mark. Kitco quoted $4,177.10 at 08:06 Belgian time, down $108.10 or 2.52% from Friday. TradingEconomics shows almost exactly the same, at $4,175.63 and a loss of 2.55%. According to FXStreet, the price dipped to around $4,168 along the way, its lowest point since 5 August.
Silver went down with it. Kitco saw the white metal at around $61.65, down $2.52. That is a loss of nearly 4% in a single morning.
Why the gold price is falling today
The cause is the same as in recent weeks, only stronger. The yield on ten year US government bonds touched 5.23% last week, its highest level since 2007, and stood around 5.20% on Monday morning, investingLive reports. For gold, which pays no interest, that is bad news. The more a bond pays, the less attractive it becomes to hold gold.
Those high yields did not come out of nowhere. In mid September the US central bank raised rates for the first time since 2023 and signalled that another step could follow. Several Fed officials, including Beth Hammack of the Cleveland Fed, repeated last week that inflation risks remain high. According to FXStreet, the FedWatch tool of exchange group CME puts the chance of another hike in October at around 68%.
On top of that comes the tension between the United States and Iran. Negotiations have stalled, which keeps the oil price high. Expensive oil feeds fears of inflation, and that makes higher rates even more likely. It is a pattern we have seen before: geopolitical tension is not helping gold today, because the market is focused on interest rates.
A second level gives way
Two weeks ago we wrote about how gold lost the $4,300 level. Since then the price had swung between roughly $4,240 and $4,400. According to investingLive, buyers kept defending the zone around $4,240. On Monday, that no longer happened.
Over a longer period, the picture looks like this. A week ago, on Monday 21 September, gold stood at around $4,346. It is now nearly 4% lower. Over the month, gold is down about 6% according to TradingEconomics. The record of 28 January 2026, $5,589 according to Kitco, is now roughly a quarter above the current price.
What this means if you want to sell gold
For anyone with a box of old jewellery, a broken chain or a handful of gold coins at home, a morning like this is mainly a reminder that the price moves every day. What you receive depends first and foremost on the weight and fineness of your pieces. A 14 carat ring contains a fixed amount of pure gold, and that does not change because of a number on a screen. The factors that matter for rings, chains and bracelets are explained on our page about how to sell jewellery.
What does matter is that you get the price of the day itself and not last week’s. A difference of 2 or 3% quickly adds up on a larger lot. The current price in euros is published every working day on our gold price today page.
Gold and silver fell sharply on Monday morning, because of high US interest rates and not because of anything to do with the metal itself. The value of your pieces rests on weight and fineness. Have those determined correctly first, and always ask for the price of the day.
Silver loses more than gold again
Silver is down nearly 4%, gold 2.5%. That gap is no coincidence. Silver is a smaller market, and more than half of demand comes from industry. When the market fears that higher rates will slow the economy, silver takes the hit twice. If you are thinking of selling silver cutlery, old silver coins or jewellery, our page on how to sell silver explains what counts.
The US jobs report follows on Friday
The next big test comes on Friday 2 October, with the US jobs report for September. It is the first full picture of the labour market since the September rate hike. According to NordFX’s weekly outlook, the market expects around 100,000 new jobs, after 162,000 in August. If the figures come in strong, an October hike becomes more likely and the pressure on gold and silver remains. If they disappoint, the price can quickly turn the other way. According to investingLive, $4,000 is the next major level traders are watching if the decline continues.