How rate-hike cycles impact gold
A rate-hike cycle runs from the Fed's first increase to its last in the same direction.
Higher rates make cash pay more, yet gold ended higher across four of the five, with a median gain of 5.4%.
The largest was 2004 to 2006, when gold rose about 52%. The exception was 1994 to 1995, when gold slipped 1.3%.
Silver ended higher in two of the five, flat in one and lower in two.
An explainer from the chart's Learn library. What the record did, not a forecast.
Updated Oct 2026 · record through Oct 2026