Gold Rises to $4,338-$4,348 Per Ounce on September 16, Recovering 1.07 Percent After Falling to Six-Week Low as Investors Await Fed Decision

Gold rose to $4,338-$4,348 per ounce on Wednesday September 16, gaining 1.07 percent from the previous session and recovering from its lowest level in almost six weeks, according to Trading Economics, CNBC, Fortune, and Kitco. The precious metal traded at $4,348.01 per ounce as of 9 AM ET, up $55-$59 from Tuesday's price of $4,289.13, after falling to around $4,263 earlier in the week. Gold remained below $4,400 as investors cautiously awaited the Federal Reserve's 2 PM ET policy decision, with markets pricing a 92 percent probability of a quarter-point rate hike to 3.75-4.00 percent, the first increase since 2023. The recovery comes despite pressure from a stronger dollar and rising Treasury yields, which reduce the appeal of non-yielding bullion. The 10-year Treasury yield hit 5.04 percent on Tuesday, its highest since July 2007, before easing to 4.97 percent on Wednesday morning. Gold has declined for three consecutive weeks, pressured by expectations that the Fed will raise interest rates and potentially signal additional hikes in October or December to combat inflation running at 3.4 percent headline and 2.4 percent core. The Bank of Japan is likewise expected to raise borrowing costs this week, while the Bank of England is anticipated to leave rates unchanged. Institutional targets remain elevated, with Goldman Sachs projecting $4,900, JPMorgan forecasting $4,500 for Q4, and Bank of America targeting $4,360.