Gold prices traded in a narrow $4,250–$4,370 range during the week of September 21, 2026, pressured by the Federal Reserve’s September 16 rate hike to the 3.75–4.00% target range and market pricing of an additional 25-basis-point increase before year-end. Elevated 10-year Treasury yields near 4.93% and a stronger dollar raised the opportunity cost of holding non-yielding bullion, while Middle East tensions and firm oil prices sustained inflation concerns. Structural support from central-bank purchases and ETF inflows limited downside despite the tighter policy backdrop. Traders will focus on the September 25 core PCE release and any follow-up Fed commentary for signals on the rate path ahead.