Rate Hike Pressure Mounts on Gold and Silver

A Federal Reserve rate hike could put pressure on gold and silver prices in the short term.

The central bank is set to meet on September 15 and 16, with inflation remaining high at 3.4% annually.

Higher interest rates tend to make other interest-bearing options more attractive, potentially reducing demand for precious metals.

Gold prices have already retreated from a record high of $5,500 per ounce earlier this year, currently sitting around $4,275 per ounce as of mid-September.