Gold Prices Soar Past $4,400 Amid Reversal in Treasury Yields

Gold prices rose to a high of $4,400 on Friday as US Treasury yields retreated from their recent highs. This move came after the Federal Reserve's interest rate hike earlier in the week had initially put pressure on gold.

The Fed increased interest rates by 25 basis points to 3.75-4% and reaffirmed its commitment to fighting inflation, which boosted market expectations of further rate hikes. However, this also contributed to a reversal in longer-term Treasury yields, providing a boost to gold prices.

XAUUSD pared some losses this week, easing bearish pressure from the previous week, but it still faces resistance ahead of $4,450. Key resistance lies between the September 3 high at $4,510 and the 200-day SMA at $4,541.