Gold & Metals

Gold's fix falls $116.50 to $4,144.55, lowest since 4 August

Silver's fix fell 5.67% to $61.33 and platinum's 2.09% to $1,731.85, both the lowest since early August. Spot gold read $4,144.10 on the Kitco bid at press time, $30 higher on the session.

By Carat Capital

What changed

London's fix dropped. Gold's London PM fix fell $116.50 to $4,144.55 between Friday and Monday, its lowest since 4 August. Silver, platinum and palladium fixes fell with it.

What it means

  • If you buy metal this week: Gold costs $140.10 an ounce less than at Friday's mark. The screen has stopped falling; the fix has not been tested since Monday.
  • If you quote against London: Platinum moved least at the fix and furthest on the screen. Quote off one instrument, not both.
  • What this is not: A one-day fall. The spot change runs from Friday to Tuesday and spans two sessions.

Key figures

Gold PM fix, 25 to 28 Septemberlowest fix since 4 August−$116.50
Gold PM fix, 28 September$4,144.55
Silver fix, 25 to 28 Septemberlowest fix since 5 August−5.67%
Gold spot, Kitco bid at press time$4,144.10

Source: LBMA fixes for 25 and 28 September 2026, read direct from the prices.lbma.org.uk JSON feeds · spot from Kitco, board timestamp 2026-09-29T06:00:57Z

Silver fell furthest at the fix

Down 5.67%. Silver's fix fell from $65.015 to $61.33, a drop of $3.685. That is the largest percentage fall of the four metals.

Palladium reached back further. Palladium's $1,219.25 is its lowest fix since 1 July. The other three metals last sat this low in the first week of August.

London's four fixes, Friday to MondayLBMA JSON feeds, US dollar column, read direct 29 September 2026 · the change and percentage columns are Carat Capital's arithmetic
MetalFix 25 SepFix 28 SepChange% changeLowest fix since
Gold PM4,261.054,144.55−116.50−2.73%4 August 2026
Silver65.01561.33−3.685−5.67%5 August 2026
Platinum PM1,768.801,731.85−36.95−2.09%6 August 2026
Palladium PM1,256.751,219.25−37.50−2.98%1 July 2026
Notes on this table

The division. every percentage is computed here, not read off a page: −116.50 ÷ 4,261.05 = −2.7341% to −2.73%; −3.685 ÷ 65.015 = −5.6679% to −5.67%; −36.95 ÷ 1,768.80 = −2.0890% to −2.09%; −37.50 ÷ 1,256.75 = −2.9839% to −2.98%.

The lowest-since column. was established by walking every 2026 fix in each feed, 187 for gold and silver and 188 for the two others, not by recall: the last gold fix at or under 4,144.55 is 4 August at 4,084.20, silver 5 August at 61.265, platinum 6 August at 1,728.05, palladium 1 July at 1,204.75.

Consecutive fixes. 25 and 28 September are successive London business days, so this pair carries no weekend gap.

The screen and the fix parted

Gold matched its fix. Spot gold read $4,144.10 at press time, $0.45 under Monday's fix. Kitco's own session field shows gold $30 higher on the day.

Platinum kept falling. Platinum's $1,688.00 screen sits $43.85 under its Monday fix. That is the widest gap of the four.

Fabrication costs follow the fix

Contracts price off London. Refiners and fabricators settle against the London fix rather than the screen. Monday's fix is the number a September contract clears at.

The gap pays. A buyer who quoted off Friday's $4,261.05 fix and settles at Monday's is $116.50 an ounce better off.

What to watch

  • 29 SeptemberThe London PM fix for 29 September, the first test of whether Monday's level holds.
  • 1 OctoberOctober's opening fix, the basis new fabrication contracts will be written against.
  • OngoingThe gold-platinum ratio, which widened as platinum fell furthest on the screen and least at the fix.

The story so far

  1. Gold shed $61.60 to $4,254.50 with silver and platinum falling further
  2. What a gold level $1,300 under January's high does to what jewellers make
  3. Gold fell $14.50 to $4,333.70 with all four metals lower
  4. Silver fixed at $67.035 in London, its highest since 28 August

Go deeper

What would change this call

A single fix. If today's London PM fix returns above $4,261.05, Monday's reading was a one-session dislocation rather than a level, and the lowest-since-August framing describes a day instead of a market. The screen already argues that way: gold is higher on today's session.

How the London fix differs from the screen

Spot is a continuous over-the-counter quote. It moves every second, it differs slightly between vendors, and it carries a bid and an ask that can sit far apart on a thin metal. The London fix is something else: an auction run twice a day for gold and once for the other metals, in which participants submit orders until supply and demand balance, and the balancing price is published as a single number. That number is what most refining, fabrication and supply contracts actually settle against, which is why a jeweller's cost base can move on a day the screen barely does. The fix also has a property the screen lacks this week. It is published only on London business days, so Friday 25 and Monday 28 September are consecutive prints with nothing between them. A spot reading taken on Tuesday against a Friday mark, by contrast, has a whole unrecorded session inside it.

Method

Four LBMA feeds were fetched direct with a browser user agent, each returning 200: gold_pm.json at 915,123 bytes, silver.json at 898,388, platinum_pm.json at 557,203 and palladium_pm.json at 554,146. Each feed was saved and parsed as JSON rather than read through a summariser, and each printed digit string was grepped in the saved file before it was written: '4144.55' 1 hit, '4261.05' 1, '61.33' 1, '65.015' 1, '1731.85' 1, '1768.8' 1, '1219.25' 1, '1256.75' 1. The lowest-since dates were established by iterating the whole 2026 series in each file, not by memory. Spot came from Kitco, fetched direct at 205,969 bytes, with the embedded page data parsed programmatically; the board's own timestamps read 2026-09-29T06:00:57Z and later, seconds apart across the four metals, and greps of the saved file return 2 hits each for '4144.1', '60.526', '1688' and '1203'. A second independent page was read for every metal, CNBC's quote endpoints, and compared against Kitco's own mid rather than its bid so the comparison is like with like: gold 4,145.10 against 4,144.39, a gap of 0.0171%; silver 60.651 against 60.7193, 0.1126%; platinum 1,693.00 against 1,696.21, 0.1895%; palladium 1,223.00 against 1,220.67, 0.1905%. All four agree within rounding, so there is no outside divergence to disclose. CNBC's own market-status field reads REG_MKT on all four quotes, which is how the session is established as live rather than inferred from the calendar. One limit is disclosed rather than smoothed. There is no spot mark for Monday 28 September, because the machine that files the morning tape lost its network from the afternoon of 27 September until the afternoon of 28 September. Every spot change printed here therefore runs from Friday's close to Tuesday's press time and contains two sessions, and the article says so in the strip, in What changed and in What it means. The fix series has no such hole, which is why the headline is built on it. Prior marks were taken from the dated file for 25 September rather than derived: 4,284.20, 64.169, 1,773.00 and 1,251.00. The $140.10 in What it means is this desk's own subtraction against that gold mark, 4,284.20 − 4,144.10 = 140.10, and it is the two-session figure rather than a session move; the equivalent spot falls are 3.643 on silver, 85.00 on platinum and 48.00 on palladium.

Sources6
  1. LBMA gold price PM, US dollar series, 28 September 2026 fix at 4,144.55 28 September 2026
  2. LBMA silver price, US dollar series, 28 September 2026 fix at 61.33 28 September 2026
  3. LBMA platinum price PM, US dollar series, 28 September 2026 fix at 1,731.85 28 September 2026
  4. LBMA palladium price PM, US dollar series, 28 September 2026 fix at 1,219.25 28 September 2026
  5. Precious metals live board, Kitco, board timestamp 2026-09-29T06:00:57Z 29 September 2026
  6. CNBC quote service, XAU=, XAG=, XPT= and XPD=, second reading for every metal 29 September 2026