Gold near £3,215 and silver near £48 as markets brace for this week's Fed decision

Gold and silver prices are sitting at Friday's closing levels this weekend, standard practice across the bullion trade since prices stay fixed until markets reopen on Monday. Gold is close to £3,215 a troy ounce, with 24 carat gold around £103 a gram, while silver trades near £48 an ounce, converted from a dollar spot price of about $65 at today's rate of roughly $1.35 to the pound.

The calm will not last. The Federal Reserve's next rate decision lands this Tuesday and Wednesday, 15 and 16 September, and is shaping up as the month's key event for both metals. Since gold and silver pay no interest, a rate rise tends to make cash and bonds more attractive, weighing on prices, while a pause or a more dovish tone usually supports them. With the meeting only days away rather than weeks, dealers expect trading to pick up sharply once US markets reopen.

Forecasters remain split on the outlook. Commerzbank has trimmed its year end gold forecast to $4,500 an ounce, around £3,320, while pencilling in $67 for silver, near £49. Other banks are more bullish. The gold to silver ratio, how many ounces of silver it takes to buy one ounce of gold, sits in the mid 60s, a level that has favoured silver through much of 2026.

For UK buyers, the spot price is only the starting point: dealer premium, VAT on physical silver, and delivery all add to the final cost. This is market information, not financial advice.