The morning briefing from Chapman Gold: what moved the gold market and why it matters. Prices in the banner above are live.
Global gold ETFs take in about $10 billion in September, and Q3 sets a record
The World Gold Council reports that gold ETFs drew about US$10bn of inflows in September, the fifth straight month of buying, taking third-quarter inflows to a record US$31bn. Global holdings rose 67 tonnes in the month to a record 4,256 tonnes, even as total assets under management fell 7% on the lower gold price (World Gold Council; Mining.com).
Britain posts its strongest quarter on record for gold funds
Every region saw inflows in September, led by North America at about $4bn and Europe at $3.6bn. The UK recorded its strongest quarter on record for gold ETF buying, which helped Europe reach the same milestone at regional level (World Gold Council; Money Metals).
Gold held near $4,150 as the dollar and yields bear down
Spot gold traded around $4,150 an ounce early in the week, close to two-month lows, after slipping below $4,150 for the first time since late September. A dollar near an 18-month high and US Treasury yields at fresh 24-year highs weighed on a metal that pays no interest; Saxo Bank's Ole Hansen pointed to support just above $4,100 (Kitco; Trading Economics; Azernews).
Weak US jobs data cools rate-rise bets
The US economy added just 29,000 jobs in September against expectations of 90,000. CME FedWatch pricing then showed only a 21% chance of a Federal Reserve rate rise in October, though close to 70% for December, which kept gold supported on the dips. The Fed's next policy statement is due on 28 October (Kitco; Khaleej Times).
Central banks keep buying, led by Poland and China
In the twelve months to July, the 76 central banks reporting to the IMF added a net 290 tonnes of gold, roughly level with the year before. Poland (125 tonnes), China (66 tonnes) and Kazakhstan (61 tonnes) led the buying, while Russia and Turkey were the largest sellers (IMF data via thetrading.tools; World Gold Council).
Indian prices steady as physical demand holds
Prices in India were steady on Thursday, with 24 carat at about Rs 14,957 a gram and 22 carat at about Rs 13,710, as gold stayed range-bound with steady physical buying. Asian gold ETFs had taken in about $2bn in August, led by China, with India and Japan also adding (PSU Connect; Business Today).
Sources: World Gold Council, Mining.com, Money Metals, Kitco, Trading Economics, Azernews, Khaleej Times, thetrading.tools (IMF data), PSU Connect, Business Today. Compiled Saturday 10 October 2026. Nothing here is investment advice; it is the news, read with a jeweller's eye. For what the market means in real terms, see The Gold Price, where the world is priced in gold.