Gold Defies Fed Rate Hike, Soars to $4,385 Amid Central-Bank Buying

Gold prices have continued to rise despite a recent US Federal Reserve rate hike and an increase in real yields. According to Monarch PMS, gold rose to around $4,385 per ounce on September 18 from $4,242 on August 6.

Silver also gained 6.5% to around $65.7 per ounce during the period.

Central-bank demand for gold has been a key factor supporting its price. Global central banks added a net 23 tonnes of gold in July, while China bought 20.2 tonnes in August, its largest monthly purchase since October 2023.

China's gold holdings have now increased for 22 consecutive months, with around 80 tonnes added in the first eight months of 2026.