Gold Prices Rise Amid Global Monetary Policy Developments

Gold prices rose today, Sept. 18, as market participants remained focused on developments in the Middle East and the outlook for global monetary policy.

The dollar index edged up 0.1% to 100.37 during trading today. Goldman Sachs maintained its gold price forecast at $5,400 by end-2027, despite the Federal Reserve's rate hike, saying tighter monetary policy could slow gold's gains but would not halt them.

Meanwhile, the Bank of Japan raised interest rates to their highest level in 31 years, signaling a readiness to increase borrowing costs further. The Bank of England left interest rates unchanged yesterday but warned that a rate hike may be needed.