Update (Sep 16): WSJ later showed New York gold futures up around $4,366 a troy ounce and its market-data banner quoted gold near $4,386/oz as oil and Treasury yields eased ahead of the Fed decision.
The gold price moved higher ahead of the Federal Reserve meeting, with The Wall Street Journal reporting New York gold futures at $4,366.40 a troy ounce as investors awaited the Fed’s decision. The article notes oil prices and Treasury yields had eased, supporting the rise in gold.
Reuters separately reported spot gold at $4,350.48 per ounce and U.S. December futures at $4,393.40 as traders braced for the Fed announcement and Chair Kevin Warsh’s remarks. Reuters said investors were watching oil and 10-year U.S. Treasury yields, which had slipped and helped lift the non‑yielding metal.
Both outlets linked the move to monetary policy expectations. The WSJ wrote that a more hawkish Fed signal would likely sustain pressure on gold through higher yields, while a softer tightening path could let gold regain support from geopolitical uncertainty and hedging demand. Reuters quoted Bart Melek, TD Securities’ global head of commodity strategy, saying the market “has pretty much priced in the possibility of a Fed rate hike” and noting oil and yields were encouraging for gold at that point.
Analysts say the mechanics are straightforward: rising Treasury yields increase the opportunity cost of holding non‑yielding gold, while falling yields and a weaker dollar tend to support bullion. The WSJ pointed to lower U.S. Treasury yields and easing oil prices as the immediate drivers ahead of the Fed decision.
Markets were pricing a high probability of a 25‑basis‑point Fed hike ahead of the announcement, Reuters reported, leaving traders sensitive to any change in the Fed’s forward guidance at the 2 p.m. EDT decision and the subsequent press conference.
The gold price remains sensitive to shifting expectations on rates, yields and energy costs, and both The Wall Street Journal and Reuters highlighted those links as traders awaited clarity from the Fed.
Sources
- The Wall Street Journal — reported New York gold futures at $4,366.40 and linked the move to easing oil prices and lower Treasury yields.
- Reuters — reported spot gold at $4,350.48 and U.S. futures at $4,393.40, and quoted TD Securities’ Bart Melek on Fed pricing and market drivers.
