Gold Rebounds to 4,347 Dollars: Two Things to Check Right Now on September 16
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On 2026-09-16, international spot gold prices rose 1.3% from the previous day's levels, reaching 4,347.91 dollars per ounce during trading. However, as of 10:25 p.m. Korea time, the U.S. Federal Reserve had not yet announced its September interest rate decision. Rather than simply following the day's price movements, it is important to examine the Fed's decision and flows into gold ETFs separately.
How Much Did Gold Prices Move Today?
As of 12:8 (GMT) on September 16, international spot gold prices had risen 1.3% to 4,347.91 dollars per ounce. U.S. December gold futures also gained 1.3%, reaching 4,388.80 dollars. Gold prices rebounded as the dollar weakened, while international oil prices and U.S. Treasury yields declined over the same period.
However, the current price should not be confused with this year's peak. According to the World Gold Council, gold exceeded 5,500 dollars per ounce during intraday trading on January 2026 before falling below 4,000 dollars at one point in late June. The 4,347.91-dollar level therefore reflects a market that has already experienced both a substantial rally and a correction this year.
According to the author's calculation, 4,347.91 dollars is approximately 20.9% below 5,500 dollars. The calculation is `(4,347.91-5,500)÷5,500×100`. However, 5,500 dollars represents an intraday high around January, so this is not a comparison of closing prices under identical conditions.
The Fed's Decision Had Not Yet Been Announced on the Evening of September 16
The U.S. Federal Open Market Committee (FOMC) has scheduled its September 2026 regular meeting for 15–16 of September. The Federal Reserve's official calendar also confirms that the September meeting will take place on 15–16, with the release of economic projections scheduled for this meeting.
At the time gold prices were recorded on September 16, the Fed had not yet announced its interest rate decision. Therefore, attributing the current rise in gold prices to an already announced September interest rate decision would be chronologically incorrect. The market was still awaiting the announcement that day.
Gold is an asset that does not generate interest simply by being held. When interest rates rise, the opportunity cost of holding gold can increase relative to interest-bearing assets. This is why U.S. interest rates and gold prices should be examined together. However, a single day's movement in gold prices cannot be explained by interest rates alone.
Gold ETFs Had Already Seen a Notable Change
One figure worth monitoring alongside gold prices is the amount of gold held by exchange-traded funds (ETFs) backed by physical gold.
According to the World Gold Council, global gold ETFs recorded net inflows of 180억 dollars in August 2026. Gold ETF holdings increased by 121 tonnes during the month to 4,189 tonnes, reaching an all-time high. Assets under management rose 16% from the previous month to 6,150억 dollars.
Cumulative net inflows into gold ETFs from the beginning of 2026 through August totaled 290억 dollars, while holdings increased by 160 tonnes. Rather than looking only at price movements in August, examining actual changes in gold ETF holdings offers another perspective on how investor capital is moving.
Central banks also continued purchasing gold. According to World Gold Council data for July, central banks made net purchases of 23 tonnes. Cumulative reported purchases from 1 through July in 2026 amounted to approximately 130 tonnes. China was reported to have added 20 tonnes in July, while Poland added 8 tonnes.
Why International Gold Prices Alone Are Not Enough When Buying Gold in South Korea
International spot gold prices are quoted in U.S. dollars per troy ounce, while gold on the Korea Exchange (KRX) gold market is traded in Korean won per gram. Therefore, an increase in international gold prices alone is not enough to calculate the actual purchase price for a domestic investor.
The minimum trading unit on the KRX gold market is 1g, and prices are quoted in won per gram. Individual investors can trade physical gold through securities firms or futures companies that are members of the KRX gold market.
The tax structure also needs to be considered separately from purchases of physical gold. Capital gains from gold traded within the KRX gold market are not subject to capital gains tax, and exchange-based transactions are exempt from value-added tax. However, withdrawing gold in physical form incurs 10% value-added tax and associated withdrawal costs.
Therefore, when comparing the costs of investing in gold, investors should consider not only international gold prices but also KRX prices in Korean won, brokerage transaction fees, and whether physical withdrawal is involved.
The Order to Follow When Assessing Gold Right Now
As of September 16, the first distinction to make is between 'confirmed prices' and 'policy decisions that have not yet been announced.'
International spot gold prices have confirmedly rebounded to 4,347.91 dollars, but the September FOMC results had not yet been announced at the reference time of this article. After the announcement, investors should check the policy rate and economic projections actually released by the Fed, then compare how the dollar, U.S. Treasury yields, and gold prices responded.
For a longer-term perspective, changes in gold ETF holdings and central bank gold reserves are also worth monitoring. The fact that global gold ETF holdings reached a record 4,189 tonnes in August provides concrete supply-and-demand data that can be assessed separately from short-term price fluctuations.
A single day's rise in gold prices cannot establish whether prices will continue rising or begin falling. In particular, gold has experienced both periods above 5,500 dollars and periods below 4,000 dollars this year. Whether buying gold or already holding it, separately examining the market's reaction after the policy rate announcement and actual investment fund flows is more useful for understanding current conditions than focusing on a single price.
※ This article is provided for informational purposes to help readers understand market trends and does not constitute an investment recommendation for any particular security or asset. Final investment decisions and responsibility rest with the individual investor.
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이 포스팅은 쿠팡 파트너스 활동의 일환으로, 이에 따른 일정액의 수수료를 제공받습니다.