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On this day — September 25, 2022
Sunday — the international gold market is closed. Spot quotes carry forward from the prior Friday close. Retail rates in jewellery markets may differ slightly based on local Sunday hours.
Day 268 of 365 · Q3 2022 · 73.4% through the year
September 2022 gold market: Multi-year lows as the dollar peaks
BearishThe year's low, driven by a 20-year-high dollar.
Gold sank to its 2022 low around $1,620 in September as the US Dollar Index climbed above 114 — a 20-year high — and the Fed hiked 75 points for a third straight meeting. Dollar strength, not gold weakness, did most of the damage.
What drove gold in September 2022
- third straight +75bp Fed hike
- US Dollar Index above 114 (20-year high)
- global currency stress
- UK gilt crisis spillover
Key events in September 2022
- Sep 21Fed hikes 75bp again; gold heads to ~$1,620
- Sep 28Dollar peaks near 114 as UK bond market wobbles
What happened next
As the dollar peaked, gold staged a powerful rebound from November onward.
For gold buyers
September was gold's 2022 bottom in dollars — a reminder that a soaring dollar can mask gold's resilience in almost every other currency.
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