TLDR
- Gold rose 0.4% to around $4,418 per ounce on Thursday, supported by a weaker U.S. dollar
- Rising 10-year Treasury yields capped gains, as higher yields reduce gold’s appeal
- Brent crude hit $100 a barrel for the first time since July, adding to inflation concerns
- Markets are pricing a roughly 65% chance of a Fed rate hike at the Sept. 14-15 meeting
- Global gold-backed ETFs pulled in $18 billion in August, the second-largest monthly inflow on record
Gold is holding close to $4,400 an ounce as traders wait for key U.S. inflation numbers that could determine whether the Federal Reserve raises interest rates this month.
Spot gold rose 0.4% to $4,418.87 on Thursday. Gold futures added 0.03% to $4,461.82. The move came after gold snapped a three-day losing streak in the previous session.
A weaker U.S. dollar was the main support. The U.S. Dollar Index slipped to 98.74, making gold cheaper for buyers using other currencies.
Treasury Yields and Oil Prices Add Pressure
Rising bond yields are working against gold. Yields on 10-year U.S. Treasuries moved higher after a government plan to buy up to $6 billion in longer-dated debt failed to move the bond market.
🚨ALERT: U.S. bond yields are rising AGAIN.
The 2-year yield hit 4.42%, its highest since January 2025.
The 5-year yield climbed to 4.59%, a 20-month HIGH.
With oil prices climbing, markets are rapidly pricing in another FED HIKE.
Odds of a 25-basis-point increase in… pic.twitter.com/bkK3IxrO2Z
— Coin Bureau (@coinbureau) September 9, 2026
Because gold pays no interest, higher yields make it less attractive compared to bonds. That has kept a ceiling on gold’s price in recent weeks.
Oil prices added to the pressure. Brent crude reached $100 a barrel for the first time since July. That raised fresh concerns about inflation, which could push the Fed toward another rate hike.
Swaps markets are currently pricing in about a 65% chance of a rate hike at the Fed’s September 14-15 meeting. Traders are watching Thursday’s producer price index and Friday’s consumer price index closely for direction.
Tony Sycamore, senior market analyst at IG, noted that gold remains well below its 200-day moving average of around $4,537. Gold would need to clear that level to signal that its pullback from the $4,697 high is over.
Middle East Tensions Stay in Focus
The Middle East conflict, now in its seventh month, continues to hover over markets. Iran said it is prepared for a more intense conflict if the United States keeps up attacks on its territory and infrastructure.
The ongoing tensions are raising the risk of energy supply disruptions from the region. That is keeping some investors interested in gold as a longer-term hedge, even as short-term pressures build.
Since bouncing off a floor near $4,000 in July, gold has mostly traded in a range around $4,400.
ETF Demand Hits Records
Investor demand through funds has been strong. Global gold-backed ETFs attracted $18 billion in August, their second-largest monthly inflow on record, according to the World Gold Council.
Holdings climbed by 121 tonnes to a record 4,189 tonnes. Assets under management rose 16% to $615 billion.
North American funds recorded their third-largest monthly inflow ever. European-listed funds posted their largest ever monthly inflow.
Silver rose 0.5% to $67.62. Platinum fell 0.6% to $1,889.34.
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