If you saw a sharp red number on a gold or silver chart today, the key question is not just how far it fell. It is which price was quoted, when it was quoted, and what that number means for the items you own.
The September 28 price snapshot
Reuters reported that at 1:30 p.m. Eastern on September 28, 2026, spot gold was $4,136.81 per troy ounce, down 3.5% on the day. Spot silver was $61.39 per troy ounce, down 4.5%. Earlier that day, gold had traded as low as $4,110.55. These are time-stamped wholesale market references, not current quotes or promised payouts.
Price check: Reuters, September 28, 2026, 1:30 p.m. ET. Gold $4,136.81/oz; silver $61.39/oz. Both are spot-market snapshots. Prices may have moved since publication; ask for a fresh quote at your appointment.
What was the decrease part of?
Reuters connected the selloff to a wider repricing of interest-rate expectations. Rising oil prices raised inflation concerns, making further Federal Reserve tightening seem more likely. Higher Treasury yields and a stronger US dollar then added pressure on non-yielding metals. The Fed had already raised its target rate by a quarter percentage point on September 16. This is a market reaction to changing expectations, not proof that precious metals have lost their underlying value.
Three numbers sellers should keep separate
- Spot price: the market reference for a troy ounce of pure gold or silver at a particular moment.
- Metal content: the weight and tested purity of the gold or silver actually in your item.
- Offer: what a buyer proposes after testing, weighing, checking the live market and accounting for the item's form or resale potential.
A one-day fall does not tell you what a 14K ring, sterling set or collectible coin is worth. Some pieces can have value beyond metal content; others contain less precious metal than their total weight suggests. An in-person appraisal can clarify both.
A sensible next step on the Connecticut Shoreline
If you were already planning to sell, bring the items and any boxes or documentation, ask which live quote is being used, and have the purity and weight explained. You can compare offers without trying to predict tomorrow's chart. This article is market education, not investment advice.
Want to understand what your gold, silver or coins are worth after the market move? Visit Gold Buyers Connecticut in Old Saybrook for a free, no-pressure appraisal using the live quote at the time of your visit.