Gold Price Stabilizes Near $4,380 as Oil and Yields Fall

Gold prices steadied near $4,380 an ounce on Monday as falling oil prices and lower long-term Treasury yields offset pressure from expectations that the Federal Reserve will raise interest rates again before year-end.

The US 10-year Treasury yield eased towards 4.97%, while Brent crude fell towards $101 a barrel. This macro setup reduces the risk of another inflation-driven tightening cycle, which could negatively impact gold prices.

Konstantinos Chrysikos of Kudo.com told The Wall Street Journal that gold could remain constrained while investors expect further tightening, but Goldman Sachs analysts expect Fed tightening to slow rather than derail gold's longer-term advance.

The technical picture has improved, with gold moving back above its 100-day exponential moving average around $4,367. A sustained break above the recent highs and the 38.2% Fibonacci retracement at $4,400-$4,406 would bring roughly $4,515 into focus.