YLG reports gold closed up 45.90 dollars after PBoC bought 20.2 tonnes for a 22nd consecutive month
CommodityDigital FinanceGeopolitics
YLG Bullion International Company Limited reported in its gold price outlook for September 10, 2026, that gold closed up 45.90 dollars yesterday, supported by a weaker dollar near a two-week low while investors await U.S. inflation data to gauge the direction of Fed policy. Gold was also supported by buying from the Chinese central bank, the PBoC, which added about 20.2 tonnes of gold in August, a 22nd consecutive month of purchases and the largest monthly buying since 2023, reflecting still-strong central bank demand for gold. However, oil prices breaking above 100 dollars per barrel after Iran said it attacked 10 ships near the Strait of Hormuz, following the United States sinking five Iranian oil tankers, was a factor capping gold's gains. For investment advice, YLG said to wait for a pullback and consider opening long positions if gold does not break below 4,340 dollars; if it breaks below, delay and buy at the next support level, cut losses if it breaks below 4,282 dollars, and take profits if it fails to break through 4,443 dollars; if it breaks through, hold for further selling at resistance of 4,487 to 4,511 dollars.
