Gold and silver remain strong today, even though the interest rate environment remains challenging for precious metals. US Treasury yields remain elevated, while markets are pricing in an approximately 25 basis point rate hike by the Fed at today’s meeting. Under normal circumstances, this should increase pressure on assets that do not generate interest. This time, however, the metals are performing significantly better.
One possible reason is the geopolitical situation. Markets are seeing signals of a possible agreement or ceasefire between the US and Iran. Any de escalation could reduce the risk premium in the oil market and ease concerns about further inflationary pressures.
The key question remains how markets will interpret today’s Fed decision. The rate hike itself is largely priced in, meaning the central bank’s communication will likely be more important. A hawkish signal suggesting the possibility of further rate hikes could once again support the dollar and Treasury yields, increasing pressure on gold and silver. A more cautious tone, however, could allow the metals to continue rising.
For silver, its industrial use remains an additional factor. The metal can therefore respond not only to expectations for interest rates and the dollar, but also to the outlook for global economic growth. This means that the current strength in silver may have somewhat different drivers than gold.
Today’s session will therefore be an important test of the metals’ resilience to a hawkish Fed. If the rate hike is accompanied by cautious communication, while further signs of US Iran de escalation and falling oil prices emerge, gold and silver could receive additional support.
Source: XTB Research
Source: XTB Research
Market Wrap: The Market Slows Its Declines Ahead of the Fed
Economic Calendar: Time for an interest rate hike? (16.09.2026)
Morning Wrap: Market seeks balance ahead of Fed decision (16.09.2026)
Daily Summary: Wall Street Under Pressure as U.S. Bond Yields Rise Above 5%
The content of this report has been created by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, (KRS number 0000217580) and supervised by Polish Supervision Authority ( No. DDM-M-4021-57-1/2005). This material is a marketing communication within the meaning of Art. 24 (3) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II). Marketing communication is not an investment recommendation or information recommending or suggesting an investment strategy within the meaning of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC and Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest or any other advice, including in the area of investment advisory, within the meaning of the Trading in Financial Instruments Act of 29 July 2005 (i.e. Journal of Laws 2019, item 875, as amended). The marketing communication is prepared with the highest diligence, objectivity, presents the facts known to the author on the date of preparation and is devoid of any evaluation elements. The marketing communication is prepared without considering the client’s needs, his individual financial situation and does not present any investment strategy in any way. The marketing communication does not constitute an offer of sale, offering, subscription, invitation to purchase, advertisement or promotion of any financial instruments. XTB S.A. is not liable for any client’s actions or omissions, in particular for the acquisition or disposal of financial instruments, undertaken on the basis of the information contained in this marketing communication. In the event that the marketing communication contains any information about any results regarding the financial instruments indicated therein, these do not constitute any guarantee or forecast regarding the future results.