The morning briefing from Chapman Gold: what moved the gold market and why it matters. Prices in the banner above are live.
Gold eases towards $4,372 as yields stay high
Gold slipped to around $4,372 an ounce on Monday as elevated Treasury yields and expectations of further Federal Reserve tightening weighed on bullion. The move gives back a little of Friday's gains after the metal closed the week near its highs (Markets.com).
First weekly gain in four weeks, despite the Fed's hike
Gold reached a one week high of about $4,380 on Friday and posted its first weekly gain in four weeks, helped by falling oil prices that eased worries about prolonged inflation. Gains were capped by a firmer dollar after the Federal Reserve raised rates by 25 basis points on Wednesday, its first hike in three years, and signalled more to come (Trading Economics).
Wall Street turns unanimously bullish
All 16 Wall Street analysts in Kitco's weekly survey expect gold to rise this week, after the metal shrugged off the rate hike and touched a weekly high of $4,400.60. Among 220 retail voters, 58% expect higher prices, 24% lower and 19% sideways (Kitco News).
China's central bank steps up its buying
The People's Bank of China added 20.2 tonnes of gold in August, its largest monthly addition since October 2023 and the 22nd consecutive month of purchases. Official holdings reached 2,387 tonnes, about 9% of China's foreign exchange reserves, up from 8% in July (World Gold Council).
Gold ETF inflows accelerate
Global gold ETFs recorded strong inflows in August, led by Europe with US$7.9bn (54 tonnes) and North America with US$7.8bn (53 tonnes), while Asian funds added US$2bn (13 tonnes). The World Gold Council linked the flows to yen intervention and currency policy concerns, fiscal and Treasury market worries, and price momentum (World Gold Council).
India's festive season opens at record local prices
Indian 24 carat gold reached a record of about ₹15,813 a gram ahead of Navratri, which opens a six week run of festive and wedding buying that has historically lifted consumption well above the pre festival pace. The World Gold Council notes that jewellery demand softened in recent weeks after August's sharp rally and pullback left many buyers waiting (Eastern Herald; World Gold Council).
The Week in Gold
Gold ended last week near $4,377 an ounce after recovering from a near six week low touched on Wednesday, the day the Federal Reserve delivered its first rate hike in three years. The main driver of the recovery was a three session fall in oil prices, which cooled inflation fears and eased Treasury yields, although a firmer dollar limited the upside. The week ahead brings the start of India's festive buying season and a test of whether analysts' near unanimous optimism survives further Fed rhetoric and high yields.
Sources: Markets.com, Trading Economics, Kitco News, World Gold Council, Eastern Herald. Compiled Monday 21 September 2026. Nothing here is investment advice; it is the news, read with a jeweller's eye. For what the market means in real terms, see The Gold Price, where the world is priced in gold.