Gold rises as dollar weakens ahead of Federal Reserve rate decision

Gold is doing what gold does when the dollar gets tired: it goes up. Spot gold gained roughly 0.7% on September 16, 2026, trading around $4,324 to $4,328 per ounce, with intraday prices briefly touching $4,384 during more active sessions. Futures contracts followed suit, rising approximately 0.8% to $4,365. The timing is pointed. The Federal Reserve is set to announce its latest policy decision within hours, and the market has essentially already made up its mind about the outcome. The setup: a rate hike almost nobody is arguing about According to the CME FedWatch Tool, markets are pricing in a 92% to 93% probability of a 25-basis-point rate increase at this meeting. That is the kind of consensus that turns a major policy announcement into something closer to a formality, at least for the decision itself. What traders are actually watching is what comes after: Fed Chair Kevin Warsh’s press conference, where the language around future moves will matter far more than the hike everyone already expects. Gold’s rally on the eve of an expected rate hike might seem counterintuitive at first glance. Higher interest rates typically make gold less attractive, since the metal pays no yield an...