Elevated U.S. Treasury yields near multi-year highs around 5.30% on the 10-year note and a firmer dollar index above 102 are the dominant near-term pressures on gold, raising the opportunity cost of holding the non-yielding metal and contributing to a pullback toward two-month lows near $4,100. Recent labor and inflation data have reduced the implied probability of an October FOMC rate hike to roughly 20%, though markets continue to price an elevated chance of tightening by December. Persistent central bank purchases, including China’s 23rd consecutive monthly addition to reserves, provide structural support, while Middle East developments influencing oil prices and inflation expectations remain key swing factors. Traders will monitor today’s FOMC minutes and upcoming economic releases for shifts in the policy path that could alter the rate-yield backdrop.