New York Gold Closes Down $58 After Fed Signals Rate Hikes

InfoQuest··US·Read original
3▲3 ▼1Impact / 5
Summary · why it matters

New York gold futures closed lower on Wednesday, September 23, after several U.S. Federal Reserve officials signaled support for raising interest rates to curb inflation. COMEX December gold fell $58, or 1.33%, to close at $4,318.40 an ounce. The dollar index rose 0.5%, and the yield on 10-year U.S. Treasury bonds climbed to its highest level in 19 years. The stronger dollar makes dollar-denominated gold futures more expensive and less attractive to investors holding other currencies, while the surge in bond yields raises the opportunity cost of holding gold. Fed Governor Michael Barr said the Fed needs to continue raising interest rates to control inflation, while St. Louis Fed President Alberto Musalem and Chicago Fed President Austan Goolsbee both signaled the need for further rate hikes. Most recently, the CME Group's FedWatch Tool indicated that investors are pricing in a 77% probability that the Fed will raise rates at its October meeting and a 95% probability for the December meeting.

Impact on assets 4

Carbon Removal (DAC)▲ · 1 stocks
CME Group Inc
CME
▲ PositiveDemandrelevance

CME Group's FedWatch Tool is cited showing rate-hike probabilities, highlighting demand for its rate-futures products.

Others▲ · 2 stocks
Others▼ · 1 stocks
⛏Gold Futures
GOLD
▼ NegativeMonetaryrelevance

Gold fell $58 as Fed rate-hike signals lifted the dollar and bond yields, raising gold's opportunity cost.

© 2026 MarketIVNews