October 19, 2026
With gold down more than 4% since our September update, and silver and palladium falling even harder, we are once again asking ourselves what this means, and what it means for you as you decide when to refine.
Here is where prices stand today compared with September 1:
| Metal | Sept 1 ($/oz) | Today ($/oz) | Change |
|---|---|---|---|
| Gold | 4,359 | 4,159.10 | -4.6% |
| Silver | 64.67 | 57.35 | -11.3% |
| Platinum | 1,762 | 1,637.00 | -7.1% |
| Palladium | 1,303 | 1,112.00 | -14.7% |
Today's prices as of 9:25 a.m. Eastern Time, October 19, 2026.
Introduction
Welcome back to the Star Refining Market News page. We research and interpret the market continuously, and it is our pleasure to share what we are seeing. As always, experts' views vary widely, so we recommend not relying too heavily on any single prediction.
When you are deciding when to refine, start by thinking about what your material is actually worth. Do the recent price drops make a real difference to your likely payout? And even if prices climb to the levels some are forecasting for 2027, is the difference really worth the risk of waiting? The market keeps reacting to events nobody can predict.
In our 35 years in business, we have seen so many people hold off, always believing prices will reach an even higher level. In our experience, the best decision-makers keep selling steadily. If prices rise, they still benefit on what they sell later, and they are always protecting themselves on the downside. And remember, if you have a significant amount, we can refine your material and hold it until you are ready to price it.
Where Has Gold Been Since September?
On September 1, we reported that gold had slipped to $4,359 after a summer recovery toward $4,700. We believed the dip would be short-term, but gold has since fallen further and now sits around $4,160. For us, this really underlines why we advocate taking today's price rather than waiting for a short-term rise. To put it in context, we are still well short of January's peak of $5,589, but comfortably above the sub-$4,000 levels we saw this spring.
What Changed Since September 1?
Quite a lot! In September, the Federal Reserve raised rates by a quarter point and signaled more increases could follow. Inflation is the Fed's concern (and ours!). September's consumer price index came in at 3.7%, above expectations, and 10-year Treasury yields rose to around 5.3%, the highest in 24 years. A big driving force behind all this is the US-Iran conflict, which is keeping oil prices high.
This morning brought some relief. President Trump waived sanctions and tariffs on Russia, which may lead to more Russian fuel exports. Oil prices slipped, easing some of the inflation pressure, and gold edged higher. Strong buying from investors and central banks has also helped support the price.
Why does inflation matter so much for gold? Inflation pushes interest rates higher, and when savings and bonds pay more, gold, which pays no interest, becomes less attractive to hold. Any sign that inflation is easing tends to be good news for the gold price.
What Are People Saying Comes Next?
Most of us are not sitting on life-changing amounts of metal, but we are all wondering what comes next. Analysts are divided on whether gold will rise or fall for the rest of this year, though several major forecasters, including Jefferies and TD Securities, see $5,000 or more in 2027.
Our opinion: We called the September dip short-term, and while the recovery is taking longer than we expected, we still see one on the horizon. Gold has already reached the $4,200 year-end level that TD Securities flagged in August, and the longer-term picture has not changed. US debt remains above $40 trillion, and record ETF and central bank buying tells us serious money sees these prices as an opportunity. As always, we recommend not relying too heavily on any single forecast, including ours. That is exactly why we suggest selling in stages: you lock in today's price on part of your material and still benefit if the recovery comes.
What This Means for You
If you have been holding jewelry or dental scrap, a deeper pullback is often a good moment to get your material refined and ready, so you can price it the moment you are comfortable with the market. At Star Refining you deal directly with the refinery, which means better rates, faster settlement, free shipping and insurance (terms and conditions apply), and full transparency.