Gold Price September Roundup: What Has Been Driving the Gold Price?
So, what has been happening to the gold price in September, and what could it mean for UK buyers?
Gold faces pressure from higher interest rates and a stronger dollar
US interest rates have been one of the main focus areas during September. The Federal Reserve raised its rate by 0.25%, taking its target range to 4%, while markets continue to consider if further increases could be a possibility. Higher interest rates usually put pressure on gold as some buyers look to turn to interest-yielding investments.
The US Dollar has also strengthened this month, with the US Dollar Index reaching 100.71 on 23rd September, its highest level since July. As precious metals are priced in US dollars, this can often have a significant impact on the price of gold, making it more expensive for buyers using other currencies.
Despite this, gold has shown some resilience after expectations it may fall further.
Strong demand continues to support gold
The demand for gold does not show signs of slowing down, as September has seen continued demand for physical gold.
Central Banks have reportedly been buying large amounts of gold lately as concerns around government debt, currency values, and geopolitical uncertainty have also remained in the picture. Central bank-buying is responsible for around 23 tonnes of gold bought in July, and reports state that China reportedly imported around 1,000 tonnes of gold during the first eight months of 2026 alone.
What could happen to gold next?
For UK gold buyers, September has highlighted how many different factors can influence the price of gold. The short-term outlook remains uncertain for precious metals. However, continued central-bank and investment demand suggests that there are still significant forces out there supporting gold.
The coming weeks will no doubt bring more economic data and further developments as September comes to an end. With interest rates, the US dollar, inflation, and continued demand all likely to influence the market, the question remains: where will the gold price go from here?
This blog represents one person’s opinion only. Please note, gold and silver prices may go down as well as up. Atkinsons Bullion & Coins accepts no responsibility for any losses based on information we have provided. We do not offer investment advice. Please carry out your own research before making an investment decision.
