Gold Holds Below $4,300 as Rising Yields Offset Robust Physical and ETF Demand

Gold traded muted around $4,287 an ounce, remaining under the $4,300 level as rising Treasury yields, higher oil prices, and hawkish central bank stances weigh on prices. The metal had previously dropped roughly 2% intraday to $4,279.80. Despite near-term pressure, analysts highlight firm underlying support. Global gold ETFs saw $4.2 billion in weekly inflows, and China's August net non-monetary imports climbed 48% year-over-year. BMO Capital Markets forecasts gold to average $4,625 in the second half of 2026, while Elara Capital expects prices to remain range-bound between $4,200 and $4,700 before advancing past $5,000 by 2027.