Gold trades near $4,150 per ounce on October 15 after a sharp pullback from January highs above $5,400, pressured by hotter-than-expected September CPI that lifted the implied probability of a Federal Reserve rate hike this month to around 29%. Elevated Treasury yields near multi-decade highs and a firmer dollar index have raised gold’s opportunity cost, while persistent inflation concerns and resilient growth expectations reinforce the hawkish policy tilt priced into futures. Offsetting support stems from robust central bank purchases and ETF inflows, which reached record holdings in September, alongside any near-term softening in yields or the dollar. Traders are watching today’s PPI release, upcoming retail sales data, and the October FOMC meeting for signals on the rate path that could shift near-term momentum in XAUUSD.