UK Gold Prices Plummet to Two-Week Low Amid Dollar Strength
Gold prices in the UK fell to their lowest level in two weeks on September 24, 2026, due to the strengthening US dollar and hawkish Federal Reserve guidance. The London Bullion Market Association (LBMA) afternoon benchmark settled lower at £104.03 per gram for 24K gold or £3,234 per troy ounce, a decline of £0.62 per gram from the previous day.
The fall was driven by US dollar strength and hawkish Federal Reserve guidance, with Fed Governor Christopher Waller stating that there would be no rate cut in 2026. This lifted Treasury yields and the dollar index, causing gold to lose relative appeal and prompting institutional selling on Comex.
While the Bank of England faces a different calculation due to domestic inflation easing faster than expected, markets were pricing a quarter-point cut before year-end even before Wednesday's US data added complication.