Overview
- Gold moved lower into the low-$4,100s, trading around $4,163–$4,183 after session losses on Oct. 12–13 that erased about 0.5–0.7% of the price.
- A firmer US dollar and higher Treasury yields raised the opportunity cost of holding non‑yielding gold while rising oil prices and Middle East tensions added inflation risk that weighed on the market.
- Technical traders are watching the 200‑hour moving average near $4,168 and the 100‑hour near $4,153 as the immediate tests that will help signal whether sellers or buyers take control.
- Large-scale physical demand is providing a structural floor: global gold ETFs saw roughly $10 billion of inflows in September and central banks bought about 289 tonnes in Q2 2026, even as unverified reports of Kazakhstan selling reserves drew market attention without clear details.
- Local currency moves and policy steps are driving sharp retail swings: RBI measures have firmed the rupee and reduced Indian domestic rates, while Pakistan’s rupee appreciation produced volatile tola prices that affect buyers during the festival and wedding season.