Gold Slips 0.9% to $4,348 but Holds Key Support as ETF Inflows Accelerate

Gold ended the week modestly lower at $4,348.20 per ounce, but held an important technical support zone despite a stronger U.S. dollar, higher bond yields and rate hikes from both the Federal Reserve and Bank of Japan. Global gold ETF inflows accelerated across regions, while COMEX futures net-long positioning eased, according to the World Gold Council.

Published September 22, 2026
Market data through September 18, 2026

MONTREAL (Scrap Monster): Gold finished the week slightly lower but showed relative resilience against a difficult macro backdrop, according to the World Gold Council’s latest Weekly Markets Monitor.

The LBMA Gold Price PM declined 0.87% over the week to $4,348.20 per ounce, pushing year-to-date performance slightly negative at 0.45%.

Prices weakened early in the week as markets prepared for the Federal Reserve’s first rate increase in three years, but gold later recovered enough to hold above an important technical support zone.

Gold Holds Up Despite Stronger Dollar and Higher Yields

The macro environment was challenging for bullion. The U.S. Dollar Index rose 1.11% during the week, while U.S. Treasury yields moved higher. The two-year Treasury yield increased by roughly 12 basis points and the 10-year yield by about 3 basis points, according to WGC market data.

The Federal Reserve raised its target range by 25 basis points to 3.75%–4.00% on September 16, its first rate increase since 2023. The Bank of Japan also tightened policy, while the Bank of England left Bank Rate unchanged at 3.75%.

WGC noted that the combination of higher yields, a stronger dollar and tighter monetary policy did not produce a correspondingly large decline in gold.

ETF Inflows Accelerate Across Regions

Investment flows remained one of the stronger parts of the gold market.

Global gold-backed ETFs recorded positive weekly flows across North America, Europe and Asia, with North America showing the largest increase in the WGC’s regional data.

The Council said ETF inflows accelerated during the week even as COMEX futures net-long positions declined.

Some investors also exercised gold ETF options as they expired, which contributed to reported fund inflows. At the same time, futures-options traders increased bullish positioning ahead of expiry.

The divergence suggests investment demand was not uniform across market channels: ETF demand strengthened while futures positioning became somewhat less extended.

Asian Trading Hours Account for Much of the Price Strength

WGC’s trading-session analysis showed that much of gold’s upward price movement during the week occurred during Asian market hours.

The Council cautioned that the precise drivers remain difficult to isolate and suggested the market may currently be supported by a broader mix of investor participation rather than a single macro catalyst.

Gold Holds Its 55-Day Moving Average

From a technical perspective, gold successfully tested its rising 55-day moving average near $4,273 per ounce.

The World Gold Council identifies the nearby $4,236–$4,231 area as the next important support zone. The $4,231 level corresponds with a 61.8% Fibonacci retracement of the June-to-August advance.

A sustained break below $4,231 could expose gold to additional downside toward $4,203, followed by $4,166 and $4,149. Further below, WGC identifies the year-to-date low area around $4,000–$3,943 per ounce as a more important downside zone.

Resistance Starts at $4,443

Initial resistance is seen near $4,443 per ounce.

Above that level, WGC identifies resistance around $4,511 before the more important 200-day moving average at approximately $4,541 per ounce.

The Council said a close above the 200-day average would be needed to improve the near-term technical trend more decisively. Additional resistance sits near $4,592 and $4,632.

Central Banks Move in Different Directions

Monetary policy was one of the dominant market themes during the week.

The Federal Reserve raised the federal funds target range by 25 basis points to 3.75%–4.00% on September 16. The Bank of Japan also raised its policy rate, moving its overnight-call-rate guideline to around 1.25%.

The Bank of England, by contrast, voted to keep Bank Rate at 3.75%, with six members supporting no change and three preferring a 25-basis-point increase.

WGC also pointed to ongoing Middle East tensions and elevated energy prices as part of the inflation backdrop facing major central banks.

What to Watch This Week

• U.S.–China talks: WGC identifies the September 24 meeting between U.S. President Donald Trump and Chinese President Xi Jinping as the key event of the week. The White House has confirmed Xi’s official state visit to Washington.
• Federal Reserve speakers: investors will watch public comments for clues on whether the September hike was a one-off move or part of a broader tightening path.
• UN General Assembly: geopolitical developments remain in focus as world leaders gather in New York.
• U.S. durable goods: Friday’s August report will provide another reading on U.S. industrial and capital-goods demand.
• Flash PMIs: September manufacturing and services surveys from the U.S. and Europe will offer additional signals on global growth.

Market Read

The main takeaway from the latest WGC report is not that gold rose during the week—it did not. The metal finished about 0.9% lower.

What stands out is that the decline remained relatively contained despite a combination of conditions that can pressure gold: a stronger dollar, higher yields and simultaneous tightening by two major central banks.

ETF flows strengthened across regions, Asian-session buying remained visible and the price held above its rising 55-day moving average.

At the same time, the market has not yet regained its stronger technical footing. Gold remains below the 200-day average near $4,541, while a break beneath the $4,231 support area would increase downside risk.

For bullion traders, refiners and precious-metal recyclers, the near-term range is therefore becoming clearer: the market is trying to establish support in the low-$4,200s while the mid-$4,500 area remains the key technical barrier to a stronger recovery.