Macroeconomic Drivers and General Market Performance
- All four precious metals recorded price losses in September 2026, pressured by rising bond yields, a stronger dollar, and hawkish Federal Reserve expectations following the September 16 FOMC meeting (pp. 1–2).
  - US Treasury 10-year yields surged 49 basis points from 4.80% to 5.29% (a 19-year high), and 2-year yields gained 49 basis points to 4.89% (p. 2).
  - Market selloffs deepened in the final week of September after President Trump reportedly rejected Iran's proposal to reopen the Strait of Hormuz (p. 2).
  - Automotive headwinds for Platinum Group Metals (PGMs) were softened by delayed net-zero target dates, White House support for fossil fuels, and rising hybrid electric vehicle (PHEV) market share over battery electric vehicles (BEVs) (pp. 3, 8–9).
Gold Market Specifics
- Gold prices fell 8% from $4,562.75 to $4,176.30 per ounce, reaching an intra-day low of $4,070 before a late short-covering rally (pp. 1, 4).
  - Average daily spot volume dropped 22.10%, whereas swap/forward volume jumped 32.22% as market participants acted to lock in prices (pp. 1, 4).
  - ETF gold holdings rose by 67t over the month to 4,256t, led percentage-wise by Asia (+3.1%), alongside additions in North America (+28t) and Europe (+22t) (p. 5).
  - Managed Money gold outright long positions fell 12% from 466t to 410t, with shorts re-expanding following the Fed meeting (p. 5).
Silver Market Specifics
- Silver prices dropped 9% from $66.58 to $60.43, affected by price volatility, Chinese and European economic underperformance, and oversupply concerns in solar fabrication (pp. 1, 3, 6–7).
  - Spot trading volume plummeted 48.22% and option volume fell 58.00%, while swap/forward volume rose 5.19% on quarter-end book-squaring (pp. 1, 6–7).
  - Global silver ETF holdings posted a net monthly loss of 51t despite a single-day creation of 202t on September 12 (p. 7).
  - Managed Money silver longs fell 12% to 2,626t (a low since mid-June), while shorts expanded 41% to 1,442t (a high since early February) (p. 7).
Platinum and Palladium Market Specifics
- Platinum prices declined 9% to $1,714.10, while palladium dropped 15% to $1,222.00, marking the largest fall in the precious metals sector (p. 1).
  - Platinum spot volume dropped 28.18% and options plunged 73.52%, while swap/forward volume rose 17.27%; prices peaked at $1,929 on September 9 before dropping back to $1,750 support (pp. 1, 10).
  - Palladium spot volume fell 37.53%, while LLD volume rose 47.23% and swap/forwards grew 23.03% amidst active selling as price levels at $1,400 and $1,350 broke down (pp. 1, 10).
  - CFTC Managed Money positioning was mixed for platinum (longs +11%, shorts +30%) but outright bearish for palladium (longs -17%, shorts +17%) (p. 9).

LBMA daily turnover for PM in spot and derivatives, with economic/financial/geopolitical background context

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