Gold Prices Hold Steady Ahead of Fed Meeting Amid Mixed PPI Data

Gold prices have remained relatively steady near $4,366 to $4,405 as of September 10, 2026, roughly flat from July's close. The upcoming Fed meeting on September 15-16 is a major catalyst for gold traders.

The August producer price index (PPI) showed a mixed picture, with headline PPI rising 0.4% for the month and 5.4% year-over-year, slightly above forecast. However, core PPI cooled to 0.2%, in line with expectations.

This has led to a 60% chance of a 25-basis-point rate hike by the Fed, according to CME FedWatch pricing, down from a peak near 70% earlier in the week but still above August's 31% low.

Central banks bought a record 288.9 tonnes of gold in Q2 2026, with Poland, China, and smaller reserve managers driving the buying. However, Russia and Turkey were the largest sellers.