Bullion Market Update – September 19, 2025

Precious Metals Prices 

After recent increases in the price of gold, the metal experienced a week of mild consolidation. As of Friday morning, September 19, the gold spot price is relatively flat for the week, trading around $3,646.60. 

Silver prices edged slightly lower this week after several weeks of strong gains. It opened Monday morning at $42.49 and is trading at $42.35 on Friday. 

Platinum remained largely stable, beginning the week at $1,403.77 and trading intraday on Friday around $1,389.00. 

Palladium faced modest declines over the week, opening Monday at $1,199.35 and falling to about $1,165.00 by Friday. 

Market Update 

This week’s market and political developments were driven primarily by the Federal Reserve’s decision to cut interest rates, a landmark investment in the technology sector, and heightened political tensions in Washington. On Wednesday, September 17, the Federal Reserve lowered its benchmark interest rate by 25 basis points, bringing the federal funds target range to 4.00%–4.25%. The move followed signs of a weakening labor market and slower overall economic growth. While inflation remains above the Fed’s 2% target, policymakers noted growing risks to employment as justification for easing policy. The central bank also signaled expectations for two additional rate cuts before year-end and at least one more in 2026. Investors reacted positively, with equity markets rallying midweek, particularly in the technology sector. Still, questions linger over the Fed’s ability to balance inflation management with economic support, and some dissent within the Federal Open Market Committee highlighted divisions over the pace of easing. 

Alongside the Fed decision, markets were boosted by major corporate news. On Thursday, September 18, Nvidia announced a $5 billion investment in Intel aimed at developing next-generation data-center and laptop technologies. The deal was viewed as a significant show of confidence in Intel’s long-term competitiveness and spurred sharp gains in both companies’ share prices. Tech stocks broadly benefited, helping drive the Nasdaq Composite and other indexes to record highs. Investors interpreted the move as further evidence of the central role semiconductors play in powering future growth, reinforcing optimism in a sector that has become a key driver of overall market performance. 

In the political arena, the Fed’s independence came under renewed scrutiny. President Trump intensified efforts to exert influence over monetary policy, having recently appointed Stephen Miran, a White House ally, to the Fed’s Board of Governors. Miran pushed for a larger rate cut than the committee ultimately adopted, underscoring the growing tension between the administration and the central bank. Additionally, courts blocked the administration’s attempt to remove Fed Governor Lisa Cook, highlighting institutional friction. Meanwhile, Congress worked to avert a potential government shutdown by advancing a short-term continuing resolution to extend funding through November. Public polling released this week reflected declining confidence in political leadership and the direction of the country, with economic concerns and social unrest contributing to heightened uncertainty. 

Overall, the week underscored the delicate balance between economic policy, corporate momentum, and political risk. The Fed’s cautious pivot toward looser monetary policy lifted markets but left open questions about inflation’s persistence. The Nvidia-Intel partnership highlighted the strength of the tech sector, but gains remain concentrated in a narrow set of industries. Political pressure on the Fed, alongside looming fiscal deadlines in Congress, added further complexity to the outlook. Taken together, the developments of this week signaled both opportunities and risks as policymakers, businesses, and investors navigate a period of slowing growth and heightened uncertainty.