Hawkish signals from Federal Reserve officials, including comments from Philadelphia Fed President Anna Paulson and others favoring additional rate hikes to address elevated inflation, drove the primary pressure on gold during the week of September 21, 2026. Following the FOMC’s 25 basis point increase that lifted the target range to 3.75–4.00 percent, market-implied odds for further tightening rose, pushing the dollar higher and Treasury yields to multi-year peaks near 5 percent on the 10-year note. Spot gold traded from roughly $4,370 early in the week down toward $4,230–$4,270 support levels amid these dynamics, posting a roughly 2–3 percent weekly decline despite resilient safe-haven demand. Traders are now focused on upcoming inflation releases and the next FOMC meeting for clearer signals on the policy path.