Gold stays above $4,350 before Fed test
Gold prices temporarily rose to around $4,356 per ounce after declining in the previous session, supported by falling U.S. Treasury yields and expectations of stable interest rates. The decline in U.S. bond yields reduced borrowing costs and increased gold's attractiveness, especially as markets indicate the possibility of keeping interest rates unchanged at the September meeting. Despite slowing economic data, rising oil prices, and tensions in the Middle East—which are adding inflationary pressures—gold is expected to continue its upward trend if it remains above the $4,390 level. Conversely, it could face further pressures if it drops below $4,300.
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