Gold Prices Slide Amid Central Bank Rate Hikes

Gold prices declined on September 23rd as investors processed the possibility of extended interest rate hikes by major central banks to combat persistent inflation.

The US Federal Reserve's recent decision to raise its policy rate to 3.75-4.00% has pushed the US dollar near a two-month high, causing gold to fall 0.2% to $4,345.55 per ounce in spot markets.

US gold futures for December delivery edged up 0.2% to $4,383.10, a slight deviation from the decline in physical gold prices.

BMI analysts maintained their average gold price forecast of $4,400 per ounce for 2026, citing geopolitical risks and central bank buying as key structural supports for gold prices.