Global gold prices continue to face downward pressure. - Vietnam.vn

AI desk brief

Gold extended losses after hitting a one-week high, with spot down 0.6% to $4,169.10/oz and December futures off 0.6% at $4,190.60/oz as the dollar held near a 1.5-year high and investors awaited US CPI/PPI/retail sales for Fed-rate clues. Near-term price action remains pressured below the $4,175.03/oz support zone, while resistance sits at $4,220.89-$4,226.82/oz; a break lower would expose $4,154.99/oz and $4,141.86/oz.

Bank of America stayed cautious, saying gold is unlikely to hold above $4,000/oz for the next three months and forecasting a Q4 2026 average of $4,000/oz before a $4,813/oz average in 2027. The bank flagged softer physical demand, slower central bank/China/India buying, and a hawkish Fed-dollar combination as the main headwinds, though geopolitical risk and ETF inflows still offer some support.