Gold Holds Key Support as Central Bank Moves, Dollar and Geopolitics Drive Market
Gold | 2026-09-22 06:03:16
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.
By Paul Ploumis
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.
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.
POLL
What is currently providing the strongest support to gold prices?
Frequently Asked Questions
- How did gold prices perform last week?
The LBMA Gold Price PM fell 0.9% to $4,348 per ounce. Despite the weekly decline, gold demonstrated resilience against a stronger U.S. dollar, higher bond yields and divergent monetary-policy decisions among major central banks.
- What supported gold prices despite the market headwinds?
Strong investment demand provided important support. Global gold ETFs recorded accelerating inflows, while buying activity was particularly noticeable during Asian trading hours. However, net-long positions in COMEX futures declined during the period.
- What are the key technical levels for gold?
The World Gold Council identified $4,231 per ounce as an important support level, while gold’s rising 55-day moving average was near $4,273. On the upside, resistance is positioned around $4,443 and the 200-day moving average near $4,541.