Two charts: how US spot gold has traded through 2026, and how the federal funds rate has moved since President Trump's second term began on 20 January 2025.
US spot gold, 2026
Month-end closing spot price, plus the latest trade. Gold round-tripped through an intraday high near $5,600 and a June low near $3,975 — and is now back close to where the year began.
Spot now (14 Sep)
$4,330
Year to date
≈ flat
From Jan peak (~$5,600)
-22.7%
From Jun low (~$3,975)
+8.6%
Month-end spot closeIntraday extreme (reported, not month-end)
Why the swing: a fear-and-safe-haven rally pushed gold to a record intraday high in late January before profit-taking, a steadier rate outlook and firmer risk appetite pulled it back through the spring and into a June trough — since partly retraced.
Federal funds rate, since 20 Jan 2025
The target range held steady for eight straight meetings, then was cut three times in a row to close 2025 — and has been on hold again for five meetings since.
Current target range
3.50–3.75%
Change since Jan '25
-75 bps
Cuts in the period
3
Next decision
16 Sep 2026
Target range in effectPending decisionFed Chair transition (May '26)
Meeting-by-meeting since inauguration:
Jan–Jul '25 Held at 4.25–4.50% across five straight meetings.
17 Sep '25 Cut 25bps → 4.00–4.25%.
29 Oct '25 Cut 25bps → 3.75–4.00%.
10 Dec '25 Cut 25bps → 3.50–3.75%.
Jan–Jul '26 Held at 3.50–3.75% across five straight meetings (Jan, Mar, Apr, Jun, Jul).
13/22 May '26 Kevin Warsh confirmed by the Senate and sworn in as Fed Chair, succeeding Jerome Powell.
16 Sep '26 Next decision — outcome not yet known as of this page.