Gold traded near $4,290 an ounce in Asia after falling 1.7% in the previous session, as higher oil prices and resilient U.S. economic data strengthened expectations for further Federal Reserve rate increases. Spot gold was at $4,290.29 as of 8:08 a.m. Singapore time on September 23, up 0.1% from the previous day, compared with an earlier quoted price of $4,287 at 2342 GMT. Treasury yields reached levels last seen about 20 years ago, with the five-year yield exceeding 5% for the first time since 2007. S&P Global’s flash U.S. composite purchasing managers index rose to 58.4 in September, its highest since July 2021. Federal Reserve Governor Michael Barr said additional increases will likely be needed to return inflation to the central bank’s 2% target, while interest-rate swaps price at least three more hikes by April next year. Gold has fallen about 20% since the war between the U.S. and Iran began in late February. Elara Capital continues to see structural support from U.S. fiscal risks, weaker Treasury haven demand and Chinese buying, but expects hawkish policy, a firm dollar and elevated real rates to limit gains over the next two to three quarters. The firm forecasts a $4,200-$4,700 range for the rest of 2026 and $5,000-$5,200 by the end of 2027.