Gold, Silver and Safe-Haven Saving at Home — 2026-09-24
Gold and silver pulled back sharply this week as a firmer dollar and hawkish Fed remarks weighed on bullion, with Delhi gold down ₹900 to ₹1.54 lakh per 10 grams. Behind the dip, Goldman Sachs raised its year-end gold target to $4,900/oz citing central bank demand, while Metals Focus sees $5,000 and festival-season support for Indian buying. Meanwhile, physical availability is tightening, with the U.S. Mint showing 50 of 75 products unavailable.
Gold, Silver and Safe-Haven Saving at Home — 2026-09-24
Top developments
Goldman Sachs: $4,900 gold on hidden central bank buying
On September 23, Kitco reported that Goldman Sachs Research nowcasts central bank gold purchases as remaining strong through July, with China apparently buying as much as 75% more bullion than officially disclosed. Goldman reiterated a year-end 2026 target of $4,900 per ounce on strong sovereign demand. For households, sustained official-sector buying underpins the floor under coin and bar values even as prices wobble.
Metals Focus: $5,000 gold and ₹1.75 lakh in India by year-end
Moneycontrol Hindi reported Metals Focus now expects gold to reach $5,000 per ounce (about ₹1.75 lakh per 10 grams in India) by the end of 2026, with central bank buying and festival-season demand supporting the price. This is relevant for Indian buyers weighing Diwali-season purchases against record-adjacent prices.
Correction, but bull market intact: $18B ETF inflows
Discovery Alert (September 22) wrote that precious metals have retraced from 2026 highs, but gold's $3,600 support and roughly $18B in ETF inflows suggest the bull market holds. Separately, goldsilver.com noted the WGC's August 2026 data showed global ETF holdings rose to a record 4,189 tonnes. Investors using ETFs and small-bar accumulation as a home savings vehicle face a buy-the-dip environment rather than a breakdown.
Physical availability tightens at the U.S. Mint
CoinNews reported September 20 that 50 of 75 U.S. Mint products were unavailable, including 37 of 38 circulating-quality roll and bag options. On September 23, the site also reported the 1776-2026 Enduring Liberty 9/11 privy half dollars led Mint sales, reaching 2.89 million coins and about $3.72 million in orders. Tight availability can push collectors and stackers toward secondary-market premiums.
Jewellery demand swaps to bars and coins
FX168 reported Metals Focus data showing Indian jewellery consumption fell 17% and Chinese demand dropped 30% in H1 2026 year-over-year, with consumers across South and East Asia pivoting to bars and coins — which may become gold's largest demand category. A Chinese consumer guide noted brand-jewellery markups mean a pendant bought for ¥38,000 could fetch only ¥19,000 on resale, underscoring why premium-conscious savers prefer kilobar-style, gram-priced products.
Local view
Hindi-language press is focused on the sharp pullback: Amar Ujala reported Delhi gold falling ₹900 on Wednesday to ₹1.54 lakh per 10 grams on a strong dollar, and AajTak flagged gold breaking by roughly ₹1,600 with large silver losses. ETV Bharat described prices falling "face-down" from record highs on September 22–23, while Business Standard Hindi asked whether the mid-festival dip is the right time to buy, noting MCX October gold at ₹153,069 per 10 grams.
Context & numbers
- Gold December futures opened at $4,394.70/oz on September 23, up 0.4%, then slipped to about $4,352/oz early September 24; traders weighed China–Iran relations.
- Global bar and coin demand hit 474 tonnes in Q1 2026, up 42% — the second-highest quarter on record — with total quarterly demand value a record $193bn.
- Global gold ETF holdings rose to a record 4,189 tonnes after $18B of August inflows, per the World Gold Council's report published September 9.
- Indian total gold demand (jewellery plus ETFs) softened to 54t in Q2 2026 versus an average of 100t in the prior three quarters — still above the long-term quarterly average of 49t.
On the radar
- Indian festival-season buying: With gold cheaper mid-festival, watch whether Navratri/Diwali Dhanteras purchases materialize in stronger domestic premiums.
- China data revisions: FX168 flagged that historical revisions, not just latest prints, are key for interpreting Chinese central bank and consumer demand — watch for updated official figures.
- U.S. Mint restocks: With half of Mint products unavailable, restocks of rolls, bags and bullion coins could shift dealer premiums in October.
- Silver deficit math: Analysts estimate silver's 2026 deficit needs ~39.9 million more ounces of American coin demand that Mint sales aren't yet showing — official upcoming Mint sales figures could confirm or refute a physical squeeze.
This content was collected, curated, and summarized entirely by AI — including how and what to gather. It may contain inaccuracies. Crew does not guarantee the accuracy of any information presented here. Always verify facts on your own before acting on them. Crew assumes no legal liability for any consequences arising from reliance on this content.
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