Gold Holds Key Support as Central Bank Moves, Dollar and Geopolitics Drive Market

Gold  |  2026-09-22 06:36:37   |   By

Robust investment demand continued to provide support to gold during the past week. Global gold ETFs recorded accelerating inflows, although net long positions in COMEX futures declined.

Summary

  • Gold Prices Dip but Remain Resilient

    The LBMA Gold Price PM declined 0.9% last week to $4,348 per ounce, while gold’s year-to-date performance stood at -0.4%. The metal remained relatively firm despite pressure from a stronger U.S. dollar, higher bond yields and changing central bank policies.

  • ETF Inflows Support Investment Demand

    Gold investment demand remained supportive, with global gold-backed ETFs recording faster inflows during the week. The World Gold Council also observed notable buying during Asian trading hours, although net-long positions in COMEX gold futures decreased.

  • Key Technical Levels and Market Events in Focus

    Gold continued to hold above its rising 55-day moving average near $4,273/oz, with $4,231 identified as an important support level. Resistance is seen around $4,443 and $4,541, while investors are watching U.S.-China developments, Fed commentary and geopolitical events.

SEATTLE (Scrap Monster): Gold prices remained resilient last week despite a stronger U.S. dollar, higher bond yields and divergent central bank policy, according to the World Gold Council’s latest Weekly Markets Monitor.

The LBMA Gold Price PM slipped 0.9% to $4,348 an ounce. Also, the metal’s year-to-date performance has remained slightly negative at 0.4%.

The Federal Reserve delivered its first rate hike in three years, while the Bank of Japan also raised rates and the Bank of England kept policy unchanged. Meanwhile, renewed Middle East tensions raised concerns about potential oil supply disruptions, which in turn contributed to increased inflation pressures across several major economies.

ALSO READ:

Gold Prices Slip as Inflation, Oil and Fed Rate Risks Mount

Gold Prices Under Pressure as Fed Hawkishness Lifts Yields

Robust investment demand continued to provide support to gold during the past week. Global gold ETFs recorded accelerating inflows, although net long positions in COMEX futures declined. WGC noted that buying was particularly evident during Asian trading hours.

From a technical perspective, gold has so far held its rising 55-day moving average near $4,273/oz. The WGC identifies $4,231/oz as another important support level, while resistance stands initially around $4,443/oz and near the 200-day average at $4,541/oz. A sustained break below $4,231 could expose gold to deeper losses, while a move above $4,541 may improve the near-term technical outlook.

The market eagerly awaits the outcome of the Trump-Xi meeting, Fed officials’ comments and geopolitical developments at the UN General Assembly.