Elevated US Treasury yields above 5% on the 10-year note, their highest levels since 2007, combined with a stronger dollar and market-implied odds of additional Federal Reserve rate hikes following the September tightening, have driven gold lower during the week of September 28. Spot XAUUSD traded near $4,150–$4,200 amid these headwinds, as higher real yields increased the opportunity cost of holding the non-yielding metal. Softer August inflation data modestly eased October hike probabilities, yet firm labor market signals and geopolitical oil price risks kept sentiment cautious. Traders now focus on the September nonfarm payrolls release and the October FOMC meeting for clearer signals on the policy path and any near-term price rebounds.