Gold and silver investors have had to contend with some sharp price moves so far in 2026. Gold, for example, surpassed $5,500 per ounce early this year, but has since retreated significantly from that record high, with the price of gold sitting closer to $4,275 per ounce as of mid-September. Silver, on the other hand, has also experienced sizable price swings as investors have responded to shifting expectations for inflation, interest rates and the economy.
And those price movements could become even more **** ounced in the days ahead. The Federal Reserve meets September 15 and 16, and persistent inflation has increased the possibility of another rate hike. That prospect matters for precious metals investors because changes in interest rates can quickly alter where investors put their money and how much they're willing to pay for **** ets such as gold and silver.
Still, the outcome isn't as simple as higher rates automatically leading to lower precious metals prices. Gold and silver are being pulled by several competing forces right now, and the Fed's decision is only one of them. So, if the central bank does raise rates this week, what could it actually mean for gold and silver prices — both immediately and in the months that follow? That's what we'll examine below.
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If the Fed raises rates at its September meeting, gold and silver prices could face some short-term pressure, as higher interest rates tend to make other interest-bearing options, such as bonds and savings products, more attractive. Gold and silver **** ets don't pay interest, though, so some investors may be less willing to hold them when they can earn higher returns elsewhere.

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