Gold Rate USA, September 16, 2026: Comex Spot Falls as Fed Chair Warsh Raises Rates for First Time Since 2023

NEW YORK — Gold’s short rally faltered on Tuesday as Federal Reserve Chair Kevin Warsh raised interest rates for the first time since 2023, lifting the dollar and cooling an advance that had carried bullion to multi-month highs. Comex spot gold settled at $4,293 per troy ounce by the end of US trading on September 16, 2026 — a decline of $9 from Monday’s close — as traders reassessed positioning following a policy shift that arrived broadly as expected but carried a measured tone that prevented a deeper selloff.

The Federal Open Market Committee voted Tuesday to lift the federal funds target range by 25 basis points — the Fed’s first upward move since 2023, driven by inflation running at 3.7% as Iran-conflict-linked oil prices keep energy costs elevated. Warsh framed it as a calibrated step, not the opening of an accelerated series, and left November’s decision explicitly open to incoming data. Gold’s modest pullback reflects that ambiguity: when markets cannot price in a sequence of hikes, the automatic sell signal for non-yielding assets is diluted.

Spot gold hit a session high of $4,311 before the 2 p.m. ET announcement, then retreated as dollar strength built through the afternoon. The DXY dollar index added 0.4% on the day, exerting the inverse pressure that reliably accompanies rate-positive Fed signals. Dealers in New York reported orderly volume — steady, not forced — with no sign of the stop-loss cascades that follow genuinely hawkish surprises.

Investment demand data from the World Gold Council for the most recent quarter showed net inflows into gold-backed exchange-traded funds globally. Analysts said the trend made bullion more resilient to rate pressure than in previous tightening cycles: when ETF holdings are growing, dips attract fresh buying rather than compounding liquidation.

For buyers of physical gold in the United States — coins, bars, and jewellery — Tuesday’s prices translate to roughly $138.03 per gram for 24-karat material at spot, before dealer premiums, fabrication charges, and applicable state taxes. American Eagle gold coins carried a wider-than-usual premium as dealers anticipated continued retail demand from buyers looking to hedge against an inflation environment the Fed is only beginning to address.

The London Bullion Market Association afternoon gold price fix on Tuesday came in at $4,295, broadly in line with Comex settlement. Any daily divergence between London and New York pricing reflects currency timing rather than a fundamental disagreement about value.

The question shaping the next six weeks is whether November brings a follow-up increase or a pause. A pause scenario would likely pull gold back above $4,300; consecutive hikes would test support near $4,250. Iran-linked oil prices remain the wild card — a further escalation that adds to energy costs could revive safe-haven demand for gold even as rates tick higher. The gold price in the UK fell to £102.60 per gram on the same session, amplified by sterling’s post-hike slide against the dollar.

Is now a good time to buy gold in the US?
Rate-hike days can create short-term entry points for buyers who believe the tightening cycle will be brief. Those holding for twelve months or more are less exposed to this week’s price move than short-term traders watching November’s Fed meeting.

What is the gold rate per gram in the US today?
On September 16, 2026, 24-karat gold is priced at approximately $138.03 per gram at Comex spot. 22-karat gold is roughly $126.47 per gram and 18-karat is $103.52 per gram, before dealer premiums and applicable state taxes.

How does the Fed rate hike affect gold?
Higher interest rates raise the opportunity cost of holding non-yielding assets like gold and typically strengthen the dollar, making gold more expensive for foreign buyers. When hikes are perceived as limited in scope, the downside for bullion is smaller than during aggressive tightening cycles.

Is gold taxed in the United States?
Investment-grade gold bullion with purity of .995 or above is generally free from sales tax in most US states, but capital gains are taxed at the federal collectibles rate of 28%, higher than the standard long-term capital gains rate. Buyers should confirm applicable rules with their dealer or tax adviser.