The morning briefing from Chapman Gold: what moved the gold market and why it matters. Prices in the banner above are live.
Gold heads for a weekly loss as rate-hike bets take hold
Spot gold was trading near $4,163 an ounce on Friday and heading for a weekly loss, as traders reassessed a run of hot US inflation figures. Earlier in the week it had stood above $4,200 on Monday, before the inflation data turned the mood. (FXStreet)
Hot September CPI knocks gold over 1% on Wednesday
US consumer prices rose 0.6% on the month and 3.7% on the year in September, above the 3.6% forecast, with much of the headline rise put down to a jump in petrol prices. Spot gold fell about 1.5% to roughly $4,086 to $4,093, its third straight daily loss, as the dollar index rose about 0.4%. (CNBC, Kitco)
Treasury yields climb, and gold pays no interest
The 10-year US Treasury yield rose to around 5.3% after the inflation print. Higher yields tend to weigh on gold because the metal offers no income, and the Federal Reserve raised rates by a quarter point in September, its first increase in three years. (Quartz, Reuters via FXStreet)
October hike odds fade, but December stays in play
Markets pared back bets on another rise at this month's Fed meeting, with October hike odds reported at 16% by Friday, while the chance of a December increase was put at 89%. Producer price inflation was reported at 6.3% for September. Gold recovered from a dip towards $4,073 as yields and the dollar gave back some of their gains. (FXStreet)
ETF buyers keep coming despite the price slide
Gold ETFs logged a twelfth straight week of net inflows to mid-October, with US investors selling while buyers in China, Europe and elsewhere in Asia stepped in. Global ETF holdings reached a record 4,256 tonnes in September, even though the price fell 8.5% that month. (Whalesbook, Mining.com)
China extends its buying streak to 23 months
The People's Bank of China added 740,000 ounces to its reserves in September, extending its run of monthly purchases to 23 months. Separately, IMF data to July shows 76 reporting central banks added a net 290 tonnes over twelve months, led by Poland, China and Kazakhstan. (FXStreet, World Gold Council)
Sources: FXStreet, CNBC, Kitco, Quartz, Reuters, Whalesbook, Mining.com, World Gold Council. Compiled Saturday 17 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.