Gold is on course to close the week in negative territory, as elevated oil and natural gas prices lead investors to anticipate a more aggressive stance from central banks in raising interest rates.
The yellow metal was trading virtually flat on Friday morning, up just 0.03% at $4,276.01 per ounce, having shed roughly 2% of its value over the course of the week. After coming under pressure from a 7% surge in crude oil prices on Wednesday and Thursday, gold has been unable to capitalise on the pullback in oil prices heading into the weekend.
The rally in energy prices has also weighed on global debt markets, driving yields on long-term United States government bonds to their highest levels since 2004 — two factors that have created a "difficult backdrop for gold", according to Christopher Wong, an analyst at Oversea-Chinese Banking Corporation, cited by Bloomberg.
"If yields continue to rise, I would not be surprised to see gold remain under pressure," Wong said, adding that the long-term outlook remains unchanged but that "a fresh catalyst will likely be needed before the next significant move higher."
Gold has struggled to break out of the narrow range in which it has traded throughout September, consistently hovering near $4,300 per ounce. The search for new catalysts has proven elusive, with even reports that the United States and Iran are evaluating a phased agreement to reopen the Strait of Hormuz failing to provide any meaningful lift to bullion.
Source: Diário Económico
Original article: https://www.diarioeconomico.co.mz/2026/09/25/mercados/commodities/ouro-inalterado-encaminha-se-para-fechar-semana-com-saldo-negativo/
