BlockBeats news, September 22: Standard Chartered said that after the Federal Reserve raised interest rates by 25 basis points last week, gold did not continue to weaken, and the traditional negative correlation between gold and real interest rates is diminishing. The bank expects the average gold price in the fourth quarter of 2026 to reach $4,650 per ounce, higher than the third-quarter average of about $4,350.Suki Cooper, Standard Chartered's global head of commodity research, said that structural factors such as de-dollarization, currency depreciation, and continued official-sector gold purchases are providing support for gold prices. Data shows that gold's correlation coefficients with 10-year and 30-year U.S. Treasury yields are currently close to -20% and -10%, respectively, and its negative correlation with 2-year and 5-year real yields has also weakened significantly.At the same time, inflows into gold ETFs continue to recover, with single-month inflows reaching 121 tons in August, the highest since September 2025. Standard Chartered believes that speculative positioning in gold is not notably crowded at present, and profit-taking before the September Federal Reserve meeting has partially reduced long exposure, so further selling pressure after the rate hike is limited.However, Standard Chartered believes the U.S. dollar remains the main short-term risk for gold. The bank's economists expect the Federal Reserve to raise rates again in December, and then keep rates unchanged throughout 2027. Cooper said that gold's negative correlation with the U.S. dollar is currently significantly stronger than its correlation with real interest rates, and if the U.S. dollar strengthens further, it could create short-term pressure on gold prices.