Pound Strengthens, Gold Prices in UK Dip Despite Dollar-Terms High

The London Bullion Market Association (LBMA) gold benchmark for 24-karat gold reached £104.80 per gram on Friday, September 18, 2026, down from Thursday's high of £105.17 per gram.

This decline was due to the strengthening pound against the dollar, which reduced the GBP equivalent of any given USD gold price.

The week's trajectory was unusual, with an initial dollar surge on the Federal Reserve's 25-basis-point rate hike on Wednesday, followed by a quick recovery as bond yields fell back across maturities and traders concluded that the Fed's guidance language signaled caution about a December follow-up hike.

In ounce terms, spot gold briefly crossed $4,439 during the session, touching its strongest level in seven days.