Sterling's Strength Holds London Gold Prices Steady Ahead of Fed Decision
London gold prices are holding steady on September 12, 2026, despite Sterling's six-week high. The London Bullion Market Association (LBMA) AM fix is at £3,215 per troy ounce, equivalent to £103.36 per gram for 24-carat gold.
The Federal Reserve's decision to hike interest rates by a quarter-point on September 15-16 has had little impact on dollar-denominated gold prices in the UK. Sterling's strength against the US dollar is partly absorbing the expected hike's effect, keeping London gold prices steady.
Physical demand from UK retail is providing a floor beneath spot prices, with jewellers reporting steady footfall ahead of the autumn festival season.
The World Gold Council notes that current London prices are roughly 12% above April 2026's trough near $3,900 per troy ounce. The recovery since has been methodical, driven by ETF inflows and a structurally weaker dollar rather than a single catalyst.