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Gold Climbs Back Toward $4,400 as Oil Falls and ETF Flows Return

This will indicate whether the metal can hold gains against higher U.S. interest rates and near‑term moves in yields and the dollar.

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Overview

  • Gold staged a noticeable rebound on Friday, September 18, with spot prices trading around $4,350–$4,385 per ounce after hitting a near six‑week low earlier in the week.
  • The U.S. Federal Reserve’s 25 basis‑point rate increase and hawkish messaging pushed Treasury yields and the dollar higher earlier this week, which had driven the initial decline in bullion.
  • Easing crude oil prices and a softer short‑term tone in U.S. yields helped reduce inflation fears and supported bargain buying, while gold‑backed ETFs recorded consecutive inflows that added buying pressure.
  • Local markets tracked the global swings sharply, with Indian 10‑gram quotes moving between roughly Rs152,000–156,600 and Pakistani per‑tola rates swinging in the Rs453,000–460,000 range over the past sessions.
  • Technicians point to a key trading band between about $4,200 and $4,500, with resistance near $4,300–$4,400 and further Fed guidance, Treasury yields, oil moves or geopolitical shocks likely to decide the next sustained direction.