Overview
- Global spot gold slid into the mid‑$4,300s after markets sharply raised the probability of a September Fed hike following comments by Kevin Warsh.
- Traders moved to price faster tightening, which lifted the 10‑year Treasury yield toward about 4.78% and strengthened the dollar, making gold less attractive versus interest‑bearing assets.
- Local bullion markets in South Asia tracked the international drop, with New Delhi quotes near Rs 158,200 per 10 grams and Pakistani tola rates falling by hundreds of rupees.
- Structural support for the metal remains: global gold ETFs recorded roughly $18.9 billion of inflows over the past 12 months and a liquidity‑based model cited by analysts values gold near $5,025 an ounce.
- What to watch next: US inflation and jobs reports plus Fed communications that could reverse or deepen the repricing and therefore decide if gold rebounds or keeps sliding.