Overview
- Global bullion fell through the week as market pricing for more Federal Reserve rate hikes pushed the 10‑ and 30‑year U.S. Treasury yields to multi‑decade highs, reducing gold’s appeal compared with interest‑bearing assets.
- Rising yields and a stronger dollar drove spot gold into the mid‑$4,200s to low‑$4,300s per ounce and put the metal on track for about a 2% weekly decline, with some feeds showing an intraday rebound near $4,300 on Friday.
- An Iran‑related oil squeeze kept inflation worries alive by lifting crude above recent levels, which both supported safe‑haven demand for gold and increased the chance of further Fed tightening that weighs on prices.
- Local markets reacted strongly: Pakistan saw a sharp fall to roughly Rs448,336 per tola on Sept. 24 followed by a jump to about Rs453,036 on Sept. 25, while India recorded a modest bounce in 10‑gram quotes after bargain buying and easing oil and dollar pressure.
- Pakistan’s central bank reported a small rise in SBP FX reserves for the week to Sept. 18 and traders say the next major drivers to watch are U.S. economic data, Fed signals on rates, and whether oil prices calm or stay elevated.