Gold Prices Hold Steady Ahead of Fed Decision
Gold prices hold steady around $4,400 per ounce as markets await US inflation data and the Federal Reserve's September 15-16 decision, with analysts watching key support levels of $4,370-$4,330.
GCAP Gold estimates that gold prices remain in consolidation, with markets focused on US inflation data—PPI and CPI—ahead of the Federal Reserve's September 15-16 meeting. Key support is expected at $4,370-$4,330 per ounce.
On September 11, Areerat Murachi, head analyst at GCAP Gold, assessed that gold prices have not fully entered a sustained uptrend after attempting to recover and test resistance near $4,500 per ounce before facing selling pressure from stronger-than-expected US labor market data. This has increased market expectations that the Federal Reserve may raise interest rates at its September 15-16 meeting.
Strengthening US dollar values and recovered US Treasury bond yields have pushed gold prices down to around $4,400 per ounce, where it remains in consolidation awaiting new factors to determine direction. Analysts recommend a strategy of "waiting to buy once gold can establish a base," monitoring key support at $4,370-$4,330 per ounce (approximately 68,000-67,300 baht for Thai gold). If prices hold above this support and begin forming a base, traders should look for entry points with profit-taking targets at $4,500-$4,520 per ounce (approximately 70,000-70,200 baht).
If prices break below $4,300 per ounce (approximately 67,000 baht), analysts do not recommend rushing to buy, as continued consolidation is likely and a new base should be established first. However, if prices break and firmly hold above $4,500 per ounce (approximately 70,000 baht), it would signal reducing pressure and increased chances for gold to enter another recovery phase.
The key factor markets will focus on this week is US inflation data. After labor market reports have passed, investors will watch the PPI index on Thursday and CPI on Friday—critical data before the Fed meeting. If inflation remains elevated or accelerates, it may increase market expectations for a rate hike, pressuring gold prices. Conversely, if inflation clearly decelerates, it could ease pressure on the Fed and allow gold prices to recover. This inflation data will be the key variable determining gold's direction in the coming period.
