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2026-09-18 10:34:10
Gold prices rose slightly on Friday, supported by pressure on oil prices and a weaker dollar. Spot gold is currently up 0.25%, trading around $4352.50 per ounce, mainly supported by oil prices and a weaker dollar. Investors continue to focus on developments in the Middle East and the outlook for global monetary policy. 2. Oil prices were pressured near one-week lows, while the dollar remained weak after retreating from recent highs. A weaker dollar makes dollar-denominated commodities cheaper for investors holding other currencies, thus supporting gold prices. 3. The Federal Reserve announced an interest rate hike on Wednesday and hinted at further tightening in the coming months. The latest quarterly economic forecasts show that 16 of the 18 policymakers expect at least one more 25 basis point rate hike before the end of the year. Despite this, Goldman Sachs maintains its forecast of $5400 per ounce for gold by the end of 2027, believing that monetary policy tightening may slow the rise in gold prices, but will not stop it. 4. Gold is generally considered a hedge against inflation, but rising interest rates increase the attractiveness of interest-bearing assets, thus suppressing gold demand. However, after the Fed's rate hike was implemented, US Treasury yields fell sharply, providing an opportunity for a gold price rebound. 5. Regarding other central banks, the Bank of England kept interest rates unchanged on Thursday but warned of possible future rate hikes. The Bank of Japan is expected to raise its interest rate to a 31-year high on Friday and pledged further measures to address inflation risks.
