Gold News: Dollar Rally Keeps XAUUSD Price Under Pressure Despite Cheaper Oil - FXEmpire

AI desk brief

Spot gold fell 0.77% to $4,324.97 at 07:52 GMT after failing to test the $4,384.59-$4,405.59 retracement zone; the market is now probing the $4,319.60 50% level with the 50-day moving average just below at $4,307.01. A break under that zone opens downside toward $4,235.17 and $4,230.51, while a reclaim of $4,399.67 would flip the daily swing trend back up.

The key macro drag is a firmer dollar and sticky yields, not just lower oil. DXY recovered above 100.561 and is holding near 100.766, while the 10-year yield has paused near 4.959% after last week’s 5.041% peak, keeping the rate backdrop restrictive for gold. The article also notes supportive underlying demand: about 50 tonnes have flowed into gold ETFs in September, Chinese ETF holdings rose about 44 tonnes in August, and the PBoC reportedly added around 20 tonnes.