The morning briefing from Chapman Gold: what moved the gold market and why it matters. Prices in the banner above are live.
Gold slips about 1% as yields and the dollar press
Spot gold fell on Wednesday, ending the New York day at about $4,107 an ounce, against roughly $4,160 a day earlier (Kitco, Yahoo Finance). Coverage pointed to a firm US dollar and long-dated government bond yields pushing to multi-decade highs across Western markets, both of which raise the cost of holding a metal that pays no interest.
Fed minutes in focus after September's rate rise
Minutes of the Federal Reserve's 15 to 16 September meeting were scheduled for release on Wednesday afternoon, US time. At that meeting the Fed raised its target range by a quarter point to 3.75% to 4.00%, with all twelve voters in favour (Admiral Markets). Traders will read the minutes for how many officials still want a further rise this year.
Markets lean towards a hold on 28 October
Futures pricing cited in Wednesday's market coverage put the chance of the Fed leaving rates unchanged at its 27 to 28 October meeting at over 78%, per CME Group's FedWatch tool (Yahoo Finance, Fortune). Softer inflation and jobs data have cooled expectations of another October rise, which, if it holds, removes one weight from the gold price.
India's festival season meets a 15% import duty
With Diwali approaching, Indian households are buying through a sharply higher tax: India raised its effective gold import duty from 6% to 15% in May. The World Gold Council estimates the change could cut jewellery, bar and coin demand by 50 to 60 tonnes this year, roughly 10% (World Gold Council via Business Today). Festival buying is the season to watch for whether that estimate holds.
Singapore opens its doors to central bank gold
The Monetary Authority of Singapore has been preparing to offer gold vaulting services to other central banks from this month, part of the city state's plan to build a gold hub (World Gold Council). It also made its first monthly net gold purchase since September 2025 earlier this year, adding 4 tonnes.
ETF flows: September figures due shortly
The World Gold Council's September report on gold exchange traded funds is expected in the coming days. The latest half year picture showed global inflows still positive, with assets under management at $526 billion at the end of June, and North America the only region in net outflow over the six months (World Gold Council via Mining Weekly).
Sources: Kitco, Yahoo Finance, Fortune, Admiral Markets, CME Group FedWatch, World Gold Council, Business Today, Mining Weekly. Compiled Thursday 8 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.