Gold Prices Surge Again, US$4,400 Level Now Becomes a Barrier
Gold prices have risen again after being pressured by the hawkish decisions of the US central bank, the Federal Reserve.
According to Refinitiv, gold prices in today’s trading, Monday (21/09/2026) at 06:52 WIB, stood at US$4,369.88, a slight decline of 0.16%. This weakness contrasts with the end of last week. At the close of trading last Friday (18/09/2026), prices ended at US$4,376.91 per troy ounce, surging by 0.84%. This increase extended its positive trend, jumping 2.7% over the last two days. Overall, gold prices strengthened by 0.68% last week, ending a negative trend where gold had previously plummeted for three consecutive weeks.
StoneX analyst Fawad Razaqzada assesses that gold is beginning to show bullish technical signals. However, he remains cautious as oil prices and US bond yields continue to pose threats to gold. If oil prices surge again, inflationary pressures could increase, potentially leading the market to anticipate higher interest rates for a longer period. Such a condition could limit the room for gold’s appreciation.
US$4,400 Becomes a Key Level
Gold’s movement has now entered a critical zone. US$4,400 has become the level that must be breached to open space for further gains. Analysts see the next resistance situated around US$4,500 and US$4,565. Conversely, if gold loses the US$4,235 support, prices risk falling back towards the US$4,100 to US$4,000 range. Meanwhile, other technical analyses place US$4,405.59 as the pivot level. If this is broken sustainably, gold has the potential to move towards US$4,466–US$4,521.
Gold previously surged towards US$4,700 in late August before sharply reversing and falling below US$4,300. However, selling pressure is beginning to lose momentum. In the last three weeks, sellers have been unable to push prices significantly lower.
Interest Rates as an Obstacle
The Fed raised interest rates by 25 basis points to 3.75%–4.00%. The interest rate hike, the strengthening US dollar, and high bond yields act as pressures on gold because bullion provides no yield. Strong labour market data has also increased expectations that interest rates may remain high for longer.
On the other asides, UniCredit maintains a neutral to slightly positive gold projection, with a range of US$4,300–US$5,000 for the end of 2026. Support from central banks and investors remains a pillar of demand, but high interest rates limit the upside potential.
War as a Safe-Haven Support
Geopolitical tensions in the Middle East provide a cushion for gold. Iran is reported to have presented several conditions to end the conflict through Qatari mediation. Simultaneously, the Houthi group in Yemen claimed attacks on several targets in Saudi Arabia. These situations maintain demand for gold as a safe-haven asset. However, the conflict also brings other risks. If geopolitical tensions drive oil prices back up, inflation could rise, which could lead central banks to maintain high interest rates for longer, thereby pressuring gold.
Silver Prices
According to Refinitiv, silver prices in today’s trading, Monday (21/09/2026) at 06:52 WIB, were at US$66.22, a slight dip of 0.02%. This weakness is the opposite of last weekend. At the close of trading last Friday (18/09/2026), silver prices closed at US$66.23 per troy ounce, surging by 1.6%.