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Gold Climbs to $4,345 as Oil Prices Fall

By Markets Desk · 2026-09-19 · 1 min read
A pile of shiny, yellow bullion bars resting on a dark surface
Illustration: Tradingbird

Gold prices recovered to near $4,345 in Friday's Asian session. This rebound follows a six-week low and aligns with a weaker US Dollar.

Gold prices recovered to near $4,345 in Friday's Asian session. This rebound follows a six-week low and aligns with a weaker US Dollar. Traders are reassessing the market after the Federal Reserve's recent policy decision.

Crude oil prices dropped to a one-week low. This decline eased inflation concerns among investors. The drop in energy costs removed pressure from the gold market, according to market observers.

Oil decline supports metal prices

Saudi Arabia is seeking to partially restore flows through a key pipeline. This move signals that supply disruptions in the Middle East may ease. US President Donald Trump is expected to meet Gulf leaders next Tuesday to discuss the Iran situation.

David Meger of High Ridge Futures noted the inverse relationship between energy and gold. He stated that lower energy prices are removing inflationary pressure. This shift provides near-term support for the precious metal.

Fed rate hike adds selling pressure

The Federal Reserve raised interest rates by 25 basis points on Wednesday. The new range is 3.75% to 4.00%. Officials indicated that at least one more increase is likely this year.

Traders now price in a 53.1% chance of another hike in October. This is up from 44% the previous day. Higher yields make non-yielding assets like gold less attractive compared to bonds.

Technical indicators show neutral momentum

Gold holds above the 100-day moving average at $4,325. The Relative Strength Index sits at 48.58, indicating neutral momentum. Immediate resistance is found near the Bollinger Band middle line at $4,435.

Deeper support exists near the lower Bollinger Band at $4,190. A break below this level would threaten the current bullish structure. The upper Bollinger Band at $4,678 marks the next upside target.

OCBC strategists noted that stronger US Dollar yields weigh on sentiment. They argue that softer US data could lower yields and the Dollar later. This scenario would restore medium-term support for gold. The data reflects current market conditions reported by GN auto markets/commodities: gold prices.

Based on reporting by Mitrade, compiled by the Tradingbird desk.

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