Recent sharp declines in gold prices to around $4,120–$4,160 per ounce reflect the dominant influence of rising real yields and a hawkish Federal Reserve stance. The FOMC lifted the federal funds target to 3.75–4.00% in September, with futures now pricing roughly 70% odds of an October hike amid sticky inflation and elevated oil prices near $96–$100 driven by US-Iran tensions. Ten-year Treasury yields have climbed above 5.2%—the highest since 2007—while real yields approach 2.85%, increasing the opportunity cost of holding the non-yielding metal and supporting a firmer dollar. Upcoming data releases including PCE inflation, ISM surveys, and the September nonfarm payrolls report will shape near-term rate expectations and any potential stabilization in XAUUSD as the month concludes.