Gold prices near $4,275 per ounce face near-term pressure from the Federal Reserve’s September rate hike to 3.75-4.00% and elevated odds of another 25-basis-point increase at the late-October FOMC meeting, which have lifted the dollar index above 100 and pushed 10-year Treasury yields near 5.11%. These moves raise real yields and the opportunity cost of holding non-yielding bullion. Counterbalancing forces include persistent central-bank purchases, particularly from China, and lingering geopolitical tensions that support safe-haven demand. Traders are watching upcoming inflation data and Fed communications for signals on whether policy will tighten further or stabilize, with the metal trading in a volatile range after pulling back from earlier 2026 highs above $5,000.