Gold trades near $4,180 per ounce in early October 2026 after a 6% September decline from earlier highs above $5,000, pressured by 10-year Treasury yields near 5.2%—their highest levels in over two decades—and a firm U.S. dollar. The September nonfarm payrolls report of just 29,000 jobs, well below expectations, sharply cut market-implied odds of an October Fed rate hike while leaving December tightening priced at roughly 70%. Elevated yields raise gold’s opportunity cost, though central-bank purchases and ETF inflows provide support amid persistent inflation above the 2% target. Key near-term catalysts include the October CPI release and the October 28 FOMC meeting, which could shift rate-path expectations and influence near-term price action.