The morning briefing from Chapman Gold: what moved the gold market and why it matters. Prices in the banner above are live.
Fed decision day: the market is braced for a rate rise
The Federal Reserve concludes its two-day meeting today, and traders have largely priced in an increase in rates after the August inflation figures. Kitco notes that the bigger question for bullion is the guidance: if Chair Kevin Warsh signals the start of a broader tightening cycle, gold faces another headwind from real yields, while a hike framed as insurance against oil-driven inflation could let the metal steady. (Kitco, GoldSilver)
Gold settled lower on Tuesday as yields pressed near 5%
Front-month Comex gold settled at $4,291.60 an ounce on 15 September, down 0.43%, with silver down 0.4% at $63.236. Elevated crude prices, a firmer US dollar and a 10-year Treasury yield close to 5% weighed on the non-yielding metals, following a fall of nearly 2% on Monday. (Kitco)
Overnight bounce ahead of the announcement
Spot gold was quoted at $4,320.80 an ounce in the early hours of today, up $27.90 on the day, as positioning shifted before the decision. Volatility is expected to stay high through the week, with the Fed projections and US industrial production data also due. (FXEmpire, GoldSilver)
China's central bank made its biggest gold purchase since 2023
The People's Bank of China added 650,000 ounces in August, its largest monthly increase since October 2023, extending its buying streak to 22 months even as prices climbed. Official holdings now stand at about 2,387 tonnes, according to figures reported this month. (Bloomberg, GoldSilver)
Gold ETFs saw their second-largest monthly inflow on record
The World Gold Council reported that global gold-backed ETFs took in $18 billion in August. Holdings rose 121 tonnes to an all-time high of 4,189 tonnes, and total assets under management climbed 16% to $615 billion. (World Gold Council, via GoldSilver)
India: trading in old gold takes a bigger share as prices bite
India's gold demand reached 281.5 tonnes in the first half of 2026, up just 1.8% on a year earlier, with the World Gold Council expecting festive and wedding buying to remain price sensitive. Exchanges of old gold now account for around 45% to 50% of jewellers' business and could rise further during the festive season, as households trade in existing pieces rather than buy new metal outright. (World Gold Council, Outlook Money, Market Xcel)
Sources: Kitco, GoldSilver, FXEmpire, Bloomberg, World Gold Council, Outlook Money, Market Xcel. Compiled Wednesday 16 September 2026. Nothing here is investment advice; it is the news, read with a jeweller's eye. For what the market means in real terms, see The Gold Price, where the world is priced in gold.