Commodity markets showed a mixed trend on September 25, 2026, with crude oil prices edging lower while gold managed a modest recovery in Friday trade. Despite the day's rise, the yellow metal remained on course for a weekly decline as a stronger US dollar, higher Treasury yields and expectations around Federal Reserve interest rates continued to influence bullion markets.
Crude oil, meanwhile, retreated after a strong run in the previous week. Traders were assessing two competing developments: expectations of a possible agreement between the United States and Iran and continuing geopolitical tensions in the Middle East.
According to the market data cited in the source, Brent crude fell 0.65% to $105.85 per barrel, while West Texas Intermediate (WTI) declined 1% to $93.80 per barrel.
Gold moved slightly higher on Friday, but the weekly picture remained under pressure.
Brent Crude Falls to $105.85 a Barrel
Oil prices moved lower on Friday as traders reassessed geopolitical risks and the possibility of diplomatic progress between the US and Iran.
Brent crude was quoted at $105.85 per barrel, down 0.65%, while WTI crude dropped 1% to $93.80 per barrel.
The decline came after oil prices had risen over the preceding week.
The market was attempting to balance expectations surrounding possible US-Iran developments against renewed geopolitical concerns, including the reported impact of attacks by Houthi rebels on Saudi Arabia.
Any development that changes expectations for oil supply from the Middle East can influence international crude prices, particularly when markets are already sensitive to potential disruptions.
Crude Oil Prices on September 25
| Commodity | Price | Change |
|---|---|---|
| Brent Crude | $105.85 per barrel | Down 0.65% |
| WTI Crude | $93.80 per barrel | Down 1% |
Oil prices can move quickly in response to geopolitical developments, changes in global supply, demand expectations and movements in the US dollar.
As a result, the relatively modest decline on Friday does not by itself establish a longer-term trend.
Gold Recovers Slightly but Weekly Loss Looms
Gold prices moved higher during Friday's session, but the precious metal remained under pressure when viewed across the week.
Spot gold rose 0.2% to $4,288.36 per ounce, according to the figures cited in the report.
Despite Friday's improvement, spot gold was still down approximately 2% for the week so far.
US gold futures performed slightly better during the session, gaining 0.6% to $4,323.10.
| Precious Metal | Price | Daily Movement/Weekly Trend |
|---|---|---|
| Spot Gold | $4,288.36/oz | Up 0.2%; down about 2% for the week so far |
| US Gold Futures | $4,323.10 | Up 0.6% |
| Silver | $63.68/oz | Down 0.2%; weekly decline around 4% expected |
The divergence between a small daily rise and a weekly decline highlights how short-term movements can differ substantially from the broader trend.
Why Is Gold Under Pressure?
Two important factors cited by market analysts are the strong US dollar and rising US Treasury yields.
Gold does not generate interest income. When yields on interest-bearing assets rise, the opportunity cost of holding gold can increase for some investors.
A stronger dollar can also put pressure on bullion because internationally traded gold is generally priced in US dollars. When the dollar appreciates, gold becomes more expensive in other currencies, which can affect demand.
Expectations that the US Federal Reserve could maintain higher interest rates to control inflation were therefore closely watched by commodity traders.
Federal Reserve Expectations in Focus
Interest-rate expectations have become an important factor for precious metals.
If investors believe the Federal Reserve will keep borrowing costs elevated for longer—or tighten monetary policy further—Treasury yields and the dollar can receive support.
That environment can create headwinds for non-yielding assets such as gold.
On the other hand, geopolitical uncertainty can increase demand for assets traditionally viewed by some investors as safe havens.
This means gold is currently being influenced by competing forces: monetary-policy expectations on one side and geopolitical risks on the other.
Silver Falls to $63.68
Silver also weakened during Friday's trading.
According to the report, silver slipped 0.2% to $63.68 per ounce.
The metal was heading towards a weekly decline of approximately 4%, based on the market trend cited in the source.
Silver can be affected by many of the same factors that influence gold, including the dollar and interest-rate expectations. However, silver also has substantial industrial demand, which can make its price behaviour different from gold.
Platinum and palladium recorded relatively limited movement during the session, although the report indicated that the precious-metals complex remained on course for weekly losses.
Dollar Strength Adds Pressure to Commodities
The US dollar was another major theme in Friday's financial markets.
The dollar was reportedly heading towards consecutive weekly gains for the first time in more than three months and remained close to multi-month highs.
Rising Treasury yields and expectations surrounding Federal Reserve policy supported the US currency.
The stronger dollar had a visible impact on major global currencies.
The euro fell to around $1.1370, close to a two-month low, and was moving towards its third consecutive weekly decline.
Sterling, meanwhile, traded near a three-month low of approximately $1.3220 and was heading towards one of its weakest weekly performances in several months.
Analysts Point to Dollar and Treasury Yields
Commodity analysts cited in the source also highlighted the competing forces influencing gold.
Aamir Makda, Commodity and Currency Analyst for Technical Research at Choice Broking, attributed recent pressure on gold to the strength of the US dollar and Treasury yields.
Ashish Rajodia, Head of Commodities at PL Capital, highlighted the push and pull between the interest-rate outlook and geopolitical risk in determining bullion's direction.
These are analysts' market interpretations rather than guarantees about where prices will move next.
What Could Move Gold Next?
For bullion traders, the direction of the US dollar and Treasury yields is likely to remain important.
Fresh inflation data, Federal Reserve communication and changes in market expectations about interest rates can all affect gold.
Geopolitical developments are another major variable. A worsening of tensions can sometimes increase safe-haven demand, while signs of diplomatic progress may reduce some of that support.
Because these factors can change quickly, gold prices can remain volatile even when the broader weekly trend appears clear.
What Could Affect Crude Oil Prices?
Oil traders are similarly watching geopolitical developments closely.
Any progress in US-Iran negotiations could influence expectations about future supply and regional risk. At the same time, further disruptions or attacks affecting major energy-producing regions could increase concerns about supply availability.
Beyond geopolitics, crude prices are also influenced by global economic growth, demand from major consuming countries, inventory levels and production decisions by major oil-producing nations.
Commodity Market Snapshot
The September 25 session therefore presented a mixed picture.
Brent crude declined 0.65% to $105.85 per barrel, while WTI dropped 1% to $93.80. Spot gold gained 0.2% to $4,288.36 per ounce, although it remained down around 2% for the week so far. Silver slipped 0.2% to $63.68 and was heading towards a weekly loss of roughly 4%.
The strong US dollar and elevated Treasury yields remained important headwinds for precious metals, while geopolitical developments continued to influence both bullion and crude oil.
Investors should remember that commodity prices can be highly volatile. Market commentary and analyst views are not guarantees of future returns, and investment decisions should be based on individual financial circumstances and, where appropriate, guidance from a qualified financial professional.
