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Gold and Silver Spot Prices Rise Amidst Volatility: Dual Support from Geopolitical Risks and Inflation Expectations, Asia-Pacific Market's Risk-Off Sentiment Continues to Heat Up
On September 24, 2026, the global precious metals market showed an upward trend with gold and silver prices continuing to rise under the impetus of multiple factors. The Asia-Pacific region, as an important market for global gold consumption and investment, saw its rising risk-off sentiment become a key driver for the strength of gold and silver prices. This article will delve into the current dynamics of the gold and silver market, explore the dual supportive role of geopolitical risks and inflation expectations on precious metal prices, and discuss investment strategies in the current market environment.
1. Current Overview of Gold and Silver Spot Prices
As of September 24, 2026, the international gold price closed at $4,350 per ounce, up 1.2% from the previous trading day; the silver price closed at $28.50 per ounce, with a gain of 1.8%. This price level has risen by more than 15% since the beginning of the year, demonstrating the strong appeal of precious metals as safe-haven assets and inflation hedges.
In the Asia-Pacific market, gold prices also showed a strong trend. The gold futures price on the Tokyo Commodity Exchange closed at 1,450 yen per gram, up 1.5% from the previous day; the gold price on the Shanghai Gold Exchange was reported at 325 yuan per gram, with a gain of 1.3%. For silver prices, the Tokyo silver futures price closed at 425 yen per gram, while the Shanghai silver price was reported at 8.2 yuan per gram, both showing varying degrees of increase.
Market analysts point out that the current rise in gold and silver prices is mainly driven by two factors: the persistent geopolitical risks and the warming of inflation expectations. These two factors jointly strengthen the safe-haven attributes of precious metals, prompting investors to flock to the gold and silver markets for asset preservation.
2. Geopolitical Risks: The Natural Safe Haven for Precious Metals
Recently, the global geopolitical situation has remained tense, becoming an important catalyst for the rise in gold and silver prices. The tensions in the Middle East, the ongoing Russia-Ukraine conflict, and some territorial disputes in the Asia-Pacific region have exacerbated market risk-off sentiment.
Analysts believe that the impact of geopolitical risks on gold and silver prices mainly comes through two channels: safe-haven demand and supply concerns. In times of geopolitical tension, investors tend to shift funds from risky assets to safe-haven assets like gold, thus pushing up gold prices. At the same time, geopolitical risks may also affect gold supply, such as political instability in major gold-producing countries potentially impacting gold production, thereby supporting prices.
The Asia-Pacific region, as an important engine of global economic growth, has a particularly significant impact on the global market from its geopolitical risks. Recently, some territorial disputes and trade frictions between countries in the Asia-Pacific region have increased, making investors in the region significantly more interested in gold as a safe haven. Data shows that the gold ETF holdings in the Asia-Pacific region have increased by 5% in the past month, indicating strong investor interest in gold.
The latest report from the World Gold Council指出, geopolitical risks are one of the main drivers of the current growth in global gold demand. The report shows that global central bank gold reserves increased by 483 tons in the first half of 2026, a historic high. Among them, central banks in the Asia-Pacific region were the main buyers, showing the strategic importance of gold in the region.
3. Inflation Expectations: The Inflation Hedging Function of Gold Becomes Prominent
In addition to geopolitical risks, the warming of inflation expectations is also an important factor driving the rise in gold and silver prices. As the global economy recovers, central banks gradually exit loose monetary policies, and inflationary pressures gradually emerge.
Data shows that in August 2026, the inflation rates of major global economies all showed an upward trend. The U.S. inflation rate rose to 3.5%, the Eurozone inflation rate rose to 2.8%, and inflation rates in the Asia-Pacific region were generally above 2%. The warming of inflation expectations makes investors seek assets that can hedge against inflation risks, and gold, as a traditional inflation hedge, has significantly enhanced its appeal.
Analysts point out that the inflation hedging function of gold mainly stems from its scarcity and value stability. Unlike fiat currencies, the supply of gold is relatively stable and does not increase significantly due to central bank monetary policies, thus effectively hedging against inflation risks. In the context of rising inflation expectations, this characteristic of gold makes it the preferred choice for investors.
The Asia-Pacific region, as the world's largest gold consumption market, has a particularly significant impact on gold demand from its inflation pressures. China and India, as the world's two largest gold-consuming countries, have seen their rising inflation rates directly drive the growth of domestic gold demand. Data shows that China's gold consumption increased by 12% year-on-year in the first half of 2026, and India's gold consumption increased by 10% year-on-year, showing strong demand for gold in the Asia-Pacific region.
4. Asia-Pacific Market's Risk-Off Sentiment Continues to Heat Up
The Asia-Pacific region, as an important engine of global economic growth, has a significant impact on global precious metal prices through its market sentiment. Recently, the Asia-Pacific market's risk-off sentiment has continued to heat up, becoming an important driver for the rise in gold and silver prices.
On one hand, the economic recovery process in the Asia-Pacific region faces many uncertainties. Although the Asia-Pacific economy as a whole shows a recovery trend, the recovery is uneven, with some countries' economic growth slowing down and unemployment rising, increasing investors' concerns about the economic outlook. This concern has driven demand for safe-haven assets, thus pushing up gold prices.
On the other hand, the increased volatility in the Asia-Pacific financial markets has also exacerbated investors' risk-off sentiment. Recently, the Asia-Pacific stock markets have shown volatile trends, and exchange rate fluctuations have intensified, prompting investors to allocate to relatively stable assets like gold. Data shows that gold ETF fund inflows in the Asia-Pacific region have increased significantly in the past month, indicating strong investor interest in gold.
Moreover, the policy environment in the Asia-Pacific region also affects gold demand. Some countries' central banks have adopted loose monetary policies, lowering interest rates, which reduces the holding cost of gold and stimulates demand. At the same time, some countries have introduced preferential policies for gold investment, further boosting the activity of the gold market.
5. Investment Strategy Recommendations
Facing the current upward trend of the gold and silver market, what strategies should investors adopt? Here are a few suggestions:
- Long-term allocation to gold: Considering the long-term existence of geopolitical risks and inflation expectations, the value of gold as a safe-haven asset and inflation hedge will continue to be prominent. Investors should consider including gold in their long-term investment portfolios to achieve asset diversification.
- Focus on silver investment opportunities: Silver not only has similar safe-haven attributes to gold but also has industrial demand support. As the global economy recovers, silver's industrial demand is expected to increase, thus supporting prices. Investors can focus on silver investment opportunities.
- Utilize volatility trading: The current increased volatility in the gold and silver market provides trading opportunities for investors. Investors can use tools such as grid trading and options to gain profits from price fluctuations. However, risk control should be noted to avoid excessive leverage.
- Pay attention to Asia-Pacific market dynamics: The Asia-Pacific market is an important source of global gold demand, and its market dynamics have a significant impact on global gold prices. Investors should closely monitor economic data, policy changes, and market sentiment in the Asia-Pacific region, and adjust investment strategies in a timely manner.
- Diversify investments: When allocating to gold, investors should consider diversifying, including gold ETFs, gold mining stocks, physical gold, and other forms, to reduce the risk of a single asset.
In summary, the current gold and silver market shows an upward trend amidst volatility, with geopolitical risks and inflation expectations being the main factors driving price increases. The Asia-Pacific market's rising risk-off sentiment provides strong support for gold and silver prices. Investors should seize current market opportunities and adopt appropriate investment strategies to achieve asset preservation and appreciation.
6. Future Outlook
Looking ahead, the gold and silver market will still be affected by geopolitical risks and inflation expectations. As the global economy recovers, inflationary pressures may rise further, thus driving gold demand. At the same time, the persistent geopolitical risks will also support the safe-haven demand for gold.
However, investors should also pay attention to some potential risk factors. For example, changes in global central bank monetary policies may affect gold prices. If major central banks adopt tight monetary policies and raise interest rates, it may increase the holding cost of gold, thus putting pressure on prices. In addition, the progress of economic recovery may also affect gold demand. If the economic recovery is strong, risky assets may outperform gold, thus diverting gold demand.
Overall, the gold and silver market is expected to maintain an upward trend amidst volatility in the coming period, but investors need to closely monitor market dynamics and adjust investment strategies in a timely manner to cope with potential risks and opportunities.
