Impact on each asset
USD ▲US dollarTailwind
XAU ▼GoldHeadwind
US ■US stocksLimited
SET ■Thai stocksLimited
BTC ■CryptoLimited
Summary
On Sept. 17, 2026, gold prices dropped to $4,235 per ounce, the lowest in 6 weeks, as the dollar strengthened after the rate hike, before buyers stepped back in and pushed prices up to around $4,300, while the 10-year US Treasury yield eased to about 4.94%.
Why it moves markets
The initial reaction followed the textbook: higher interest rates pressured gold prices. But the quick return of buyers suggests the market is still worried about high inflation and economic risks, which support gold as a safe-haven asset.
Similar past event: The Fed starts its steepest hiking cycle in 40 years (Mar–Dec 2022)
In a rising-rate cycle the dollar is usually the winner, while assets that rely on cheap money (growth stocks, crypto) tend to struggle. When the Fed keeps signalling tightening, be careful trading against the dollar trend. See details
In a rising-rate cycle the dollar is usually the winner, while assets that rely on cheap money (growth stocks, crypto) tend to struggle. When the Fed keeps signalling tightening, be careful trading against the dollar trend. See details
Deeper view and what to watch
The $4,235 level is an important short-term support. If it breaks while the dollar keeps strengthening, there is a chance of a deeper pullback. If it holds and the 10-year yield eases, gold tends to return to its previous trend. Gold traders should always watch the dollar index and real yields together.
For education only, not investment advice. Prices and figures change constantly, so check the sources before making decisions.