Micro Gold, Silver and Copper Products Update – September 2026

Highlights

The active Gold contract rallied past $4,750/oz in August 2026, driven by growing concerns over stagflation and potential policy errors, which bolstered the safe-haven appeal of the precious metal. However, a hawkish speech by the Fed Chair at Jackson Hole significantly increased the probability of a September rate hike according to FedWatch erasing some of those gains. Gold eventually settled the month at $4,481.50/oz, up 9.1% month-over-month (MoM), taking back some of the gains before the price eventually settled the month at $4,481.5/oz, up 9.1% MoM.
Unsurprisingly, silver tracked its yellow counterpart closely, though with higher volatility, closing the month up 15.9% MoM at $66.990/oz. The rally in the white metal appeared to be driven primarily by momentum investors, as overall positioning remained light by historical standards.
Despite a late-month surge in U.S. dollar strength, active copper prices ended August 2026 at a record high of $6.6875/lb, up 3.4% MoM. Ongoing uncertainty around refined copper tariffs continued to pull physical supply into the U.S., while broader supply disruptions provided further upward price pressure.
Against this backdrop of global market uncertainty, Micro-sized Metals contracts continue to see robust trading activity:
- Micro Gold, Silver and Copper futures year-to-date (YTD) 2026 average daily volume (ADV) and average daily open interest (ADOI) reached historical highs of 589,919 and 97,456 contracts, respectively.
- Market participants can now trade 1-Ounce Gold (1OZ) futures liquidity over the weekend with 24/7 access across select markets.
- 100-Ounce Silver (SIC) futures will be available for 24/7 and weekend trading starting September 11, 2026, pending regulatory review. (Press Release)

Micro Gold (MGC), Micro Silver (SIL) and Micro Copper (MHG) Futures Update

MGC, SIL and MHG price movement and daily range (expressed in terms of one lot notional)

*Intraday price movement is expressed as the difference between the daily high price and the daily low price multiplied by the contract notional in troy ounce (MGC and SIL) and pounds (MHG).

Options Heatmap (Change in OI from August 3rd to September 1st, 2026)

View current open interest and changes in volume and OI by strike, put or call, and expiration.

Key Economic Events in September/October 2026:

Key Economic Event	ET	GMT / BST	SGT / HKT
U.S. ISM Manufacturing PMI	Sep 1, 10.00 a.m.	Sep 1, 3.00 p.m.	Sep 1, 10.00 p.m.
U.S. Non Farm Payrolls	Sep 4, 8.30 a.m.	Sep 4, 1.30 p.m.	Sep 4, 8.30 p.m.
China Balance of Trade	Sep 7, 11.00 p.m.	Sep 8, 4.00 a.m.	Sep 8, 11.00 a.m.
China Inflation Rate YoY	Sep 8, 9.30 p.m.	Sep 9, 2.30 a.m.	Sep 9, 9.30 a.m.
U.S. Inflation Numbers	Sep 11, 8.30 a.m.	Sep 11, 1.30 p.m.	Sep 11, 8.30 p.m.
China Industrial Production YoY	Sep 14, 10.00 p.m.	Sep 15, 3.00 a.m.	Sep 15, 10.00 a.m.
Fed Interest Rate Decision, FOMC Economic Projections and Fed Press Conference	Sep 16, 2.00 p.m.	Sep 16, 7.00 p.m.	Sep 17, 2.00 a.m.
China NBS Manufacturing PMI	Sep 29, 9.30 p.m.	Sep 30, 2.30 a.m.	Sep 30, 9.30 a.m.
RatingDog Manufacturing PMI	Sep 29, 9.45 p.m.	Sep 30, 2.45 a.m.	Sep 30, 9.45 a.m.
U.S. Core PCE Price Index	Sep 30, 8.30 a.m.	Sep 30, 1.30 p.m.	Sep 30, 8.30 p.m.
U.S. ISM Manufacturing PMI	Oct 1, 10.00 a.m.	Oct 1, 3.00 p.m.	Oct 1, 10.00 p.m.
U.S. Non Farm Payrolls	Oct 2, 8.30 a.m.	Oct 2, 1.30 p.m.	Oct 2, 8.30 p.m.
FOMC Minutes	Oct 7, 2.00 p.m.	Oct 7, 7.00 p.m.	Oct 8, 2.00 a.m
China Balance of Trade	Oct 13, 11.00 p.m.	Oct 14, 4.00 a.m.	Oct 14, 11.00 a.m.
U.S. Inflation Numbers	Oct 14, 8.30 a.m.	Oct 14, 1.30 p.m.	Oct 14, 8.30 p.m.
China Industrial Production YoY	Oct 18, 10.00 p.m.	Oct 19, 3.00 a.m.	Oct 19, 10.00 a.m.
Fed Interest Rate Decision and Fed Press Conference	Oct 28, 2.00 p.m.	Oct 28, 6.00 p.m.	Oct 29, 2.00 a.m.
U.S. Core PCE Price Index	Oct 29, 8.30 a.m.	Oct 29, 12.30 p.m.	Oct 29, 8.30 p.m.
China NBS Manufacturing PMI	Oct 30, 9.30 p.m.	Oct 31, 1.30 a.m.	Oct 31, 9.30 a.m.

Source: CME Group, QuikStrike

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