Gold Prices Hit Weekly High of $4,439 Per Ounce on September 18 Morning, Breaking Above $4,400 as Falling Oil Prices Ease One Component of Inflation Pressure

Gold December futures opened at $4,381.60 per troy ounce on Friday September 18, down 0.4 percent from Thursday's closing price, but climbed to $4,421.40 as of 6:46 AM ET and hit a weekly high of $4,439.80 during morning trading, according to Yahoo Finance and Kitco. Gold prices had held in the $4,300 range since the previous Friday, but broke above $4,400 on Friday morning. Spot gold traded at $4,364.46 per ounce as of 9:00 AM ET according to CNBC, and Trading Economics reported gold rose to around $4,384.78 on September 18, up 1 percent from the previous day. Bloomberg reported on September 18 that gold extended a gain at the end of a volatile week as the Federal Reserve's first interest-rate hike since 2023 and lower oil prices helped ease concerns about inflation, with bullion trading around $4,400 an ounce. Oil prices continued to decline, with Brent crude falling from over $107 per barrel on Wednesday to around $98.46 on Friday morning, reducing near-term pressure from energy-driven inflation. Trading Economics noted that gold climbed 2 percent to around $4,360 an ounce on Thursday, recovering from a near six-week low touched on Wednesday, as investors reassessed their positions following the Fed's rate hike. Gold's rally matters because it came despite the Fed raising rates and signaling further hikes ahead, a scenario that traditionally reduces gold's appeal by increasing the attractiveness of interest-bearing assets like bonds. The metal's ability to break above $4,400 suggests investors are treating it as an inflation hedge even in a tightening cycle, particularly as concerns persist that elevated energy costs could fuel further price pressures despite the recent oil pullback. Gold's January 28, 2026 all-time high of $5,589.38 per ounce remains the benchmark, and the current level of around $4,384-$4,439 represents a roughly 21-26 percent pullback from that peak.