Elevated Treasury yields and expectations of additional Federal Reserve tightening amid sticky inflation represent the dominant near-term pressure on gold prices. September CPI printed at 3.7% year-over-year, above forecasts, while Brent crude above $110 per barrel has reinforced producer-price pressures and lifted the 10-year yield toward 5.1-5.3%. The FOMC’s September 25-basis-point hike to a 3.75-4.00% target range, combined with December hike probabilities near 89%, has increased real yields and the opportunity cost of holding non-yielding bullion. Spot gold has traded around $4,100-$4,200 in recent sessions after earlier 2026 peaks above $5,500. The October 27-28 FOMC decision and subsequent PCE release will provide the next direct catalysts for trader positioning through year-end.