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Gold Slips 0.1% as Fed Rate Hike Odds Hit 92.4%

By Markets Desk · 2026-09-16 · 1 min read
A stack of shiny gold bars and a silver ingot resting on a dark surface
Illustration: Tradingbird

Spot gold edged lower to $4,288.48 per ounce as markets price in a high probability of a 25-basis-point rate hike by the US Federal Reserve on Wednesday.

Spot gold slipped 0.1% to $4,288.48 per ounce. US gold futures for December delivery fell 0.1% to $4,328.10. The metal touched a more than one-month low on Monday. CME FedWatch data shows a 92.4% probability of a 25-basis-point rate hike this week.

The US dollar remained near recent highs. Oil prices stayed above $100 a barrel. A stronger dollar makes gold more expensive for buyers using other currencies. Higher oil prices can add to inflationary pressures.

Domestic futures show mixed gains

MCX silver futures for September 2026 delivery rose Rs 4,000 to Rs 2,35,988 per kg. Gold futures for October 2026 delivery increased Rs 1,300 to Rs 1,52,100 per 10 grams. Other precious metals showed varied performance. Spot silver held steady at $63.67 per ounce.

Platinum fell 0.3% to $1,770.47. Palladium gained nearly 1% to $1,301.61. The divergence in prices reflects specific supply and demand dynamics for each metal.

Key support and resistance levels

Manoj Kumar Jain of Prithvi Finmart identifies gold support at $4,310-$4,264 per troy ounce. Resistance is seen at $4,355-$4,400. For silver, support lies at $63.00-$62.20. Resistance is marked at $64.40-$65.50 per troy ounce. On MCX, gold support is at Rs 1,50,150-Rs 1,49,400.

MCX gold resistance is at Rs 1,51,500-Rs 1,52,200. Silver support is at Rs 2,30,000-Rs 2,27,700. Silver resistance is at Rs 2,34,400-Rs 2,37,000. Jain advises traders to wait for the FOMC outcome before taking new positions.

Geopolitical risks impact precious metals

Saudi Arabia issued security alerts in Mecca and Jeddah. These alerts followed a week of attacks by Iran-aligned fighters. The events have drawn Saudi Arabia further into the regional conflict. A hawkish Fed stance could pull gold prices down further.

Dovish messaging may ease rate-hike bets and help the metal recover. Gold is viewed as a hedge against inflation. Higher interest rates increase the opportunity cost of holding non-yielding bullion. GN auto markets/commodities: gold prices data reflects these shifting dynamics.

Based on reporting by The Economic Times, compiled by the Tradingbird desk.

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