WGC: Gold Reclaims $4,000 as ETF Demand Strengthens
Gold | 2026-07-28 08:00:18
Looking ahead, market participants expect the U.S. Federal Reserve to keep interest rates unchanged this week. However, any hawkish Fed signals or stronger-than-expected inflation data could strengthen the dollar and push bond yields higher, creating renewed pressure on gold prices.
By Paul Ploumis
SEATTLE (Scrap Monster): Gold prices recovered last week, climbing back above the key $4,000 per ounce mark, despite challenges posed by higher U.S. bond yields and a stronger dollar, according to the latest weekly market update from the World Gold Council (WGC).
The LBMA Gold Price PM increased 1.8% week over week to $4,067 per ounce. The recovery was supported by bargain buying, while investors also increased exposure through global gold exchange-traded funds (ETFs). In addition, net long positions on COMEX and the Shanghai Futures Exchange expanded.
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The rebound came amid heightened geopolitical uncertainty. Tensions surrounding the Strait of Hormuz intensified during the week before easing late Friday, while fresh U.S. tariff announcements weighed on broader financial markets.
Looking ahead, market participants expect the U.S. Federal Reserve to keep interest rates unchanged this week. However, any hawkish Fed signals or stronger-than-expected inflation data could strengthen the dollar and push bond yields higher, creating renewed pressure on gold prices.
From a technical perspective, WGC noted that gold remains in a broader downward trend despite last week's rebound. The immediate support for the yellow metal is seen around $3,857-$3,887 per ounce, while resistance is expected near $4,166-$4,203 per ounce, it said.
POLL
What is likely to have the biggest impact on gold prices this week?
Frequently Asked Questions
- How did gold prices perform last week?
The LBMA Gold Price PM increased 1.8% to $4,067 per ounce, moving back above the $4,000 mark.
- What risks could weigh on gold prices this week?
Hawkish Federal Reserve signals, stronger-than-expected U.S. inflation data, a stronger dollar, and higher bond yields could pressure gold.
- What are the key technical levels for gold?
WGC identifies support at $3,857–$3,887 per ounce and resistance at $4,166–$4,203 per ounce.
