The morning briefing from Chapman Gold: what moved the gold market and why it matters. Prices in the banner above are live.
Gold posts its first weekly gain in three weeks
Spot gold closed last week at about $4,194 an ounce, its first weekly gain in three weeks, as long-dated US Treasury yields backed away from multi-decade highs. The 30-year yield had touched 5.732% intraday on Wednesday, its highest since 2002, while the New York Fed's one-year inflation expectation rose to 3.9% (Eastern Herald).
A two-month low midweek, then a rebound
Earlier in the week spot gold fell to its lowest level since 5 August as a firmer dollar and higher Treasury yields weighed on a metal that pays no interest. By Friday the dollar rally had taken a breather and the benchmark 10-year yield slipped for a second straight session, making bullion cheaper for holders of other currencies (New Straits Times).
Fed minutes show a divided committee
Minutes of the Federal Reserve's September meeting showed policymakers split over the rationale for raising rates. Some saw a hike as needed to contain energy and other price shocks, while a more hawkish core viewed it as a guard against emerging demand-driven inflation. Analysts warned that further tightening could keep gold under pressure, though steady central bank demand may limit losses (New Straits Times).
Iran talks and oil keep geopolitics in the frame
Gold edged higher on Friday after what were described as "productive discussions" with Iran (Yahoo Finance). Inflation fears tied to higher oil prices and the risk of Middle East supply disruption remain the main argument against an easier Fed, and so a two-sided influence on bullion (Bernama).
Central banks still net buyers, led by Poland
The 76 central banks reporting to the IMF added a net 290 tonnes of gold over the 12 months to July 2026, roughly flat on the prior year's 296 tonnes. Poland (125 tonnes), China (66 tonnes) and Kazakhstan (61 tonnes) led the buying, while Russia and Turkey were the largest sellers (The Trading Tools, from IMF data). In the World Gold Council's 2026 reserves survey, 89% of central bankers expected global gold reserves to rise over the next 12 months (World Gold Council).
India heads into its peak buying season
The final quarter is India's strongest season for gold, with buyers taking almost 240 tonnes on average in each of the past four years (World Gold Council, via Bloomberg). Domestic prices held firm ahead of the festivals, with 24 carat gold at 14,957 rupees a gram on 8 October (PSU Connect), while UBS expects Indian demand to ease to 725 tonnes in the current financial year before recovering (Bloomberg).
Sources: Eastern Herald, New Straits Times, Yahoo Finance, Bernama, The Trading Tools (IMF data), World Gold Council, Bloomberg via Mining.com, PSU Connect. Compiled Tuesday 13 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.