Gold steadies around $4,288 amid Fed rate wait

September 15, 2026 (MLN): Gold prices were largely unchanged on Tuesday, stabilizing after Monday's slide to a more than one-month low, with market participants turning their attention to the U.S. Federal Reserve's upcoming interest rate announcement for hints on where borrowing costs are headed next.

Currently, spot gold is down 1.39% to $4,287.76 an ounce as of [11:28 am] PST, according to data reported by Mettis Global.

The Fed is due to wrap up its two-day policy meeting and deliver its decision at 1800 GMT on Wednesday, with markets largely positioned for a 25-basis-point cut that would bring the benchmark rate down to a 3.75-4% band, according to CNBC.

Bullion is traditionally sought as a hedge against inflation and geopolitical turmoil, but it tends to become less attractive when borrowing costs rise, since higher rates make it more costly to hold an asset that pays no yield.

This comes against the backdrop of Friday's data, which showed U.S. consumer prices rose at a faster clip in August, while core inflation, a closely watched gauge of underlying price pressures, registered its biggest jump in four months.

Adding to the uncertainty, Iran-backed Houthi militants in Yemen launched a new round of strikes against Saudi Arabia and were said to be fortifying their positions along Yemen's Red Sea coastline, developments that pushed oil prices upward on fears of possible disruptions to crude supplies.

In a separate but related development, yields on U.S. 10-year Treasury notes climbed past the closely watched 5% mark on Monday, the first time they have done so since October 2023.

As for the rest of the precious metals complex, spot silver ticked up 0.1% to reach $63.28, platinum edged down 0.1% to settle at $1,757.46, and palladium retreated 0.7% to $1,283.61.

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