Gold prices, currently near $4,190 per ounce for the December 2026 futures contract, face pressure from the Federal Reserve’s recent 25-basis-point hike to a 3.75–4.00% target range and elevated Treasury yields, which increase opportunity costs for the non-yielding metal. A firmer U.S. dollar adds further headwinds. Offsetting these are robust central bank purchases—averaging near 50 tonnes monthly—and persistent geopolitical tensions, including unresolved U.S.-Iran issues that support safe-haven demand. Traders will monitor the October CPI release, subsequent FOMC communications, and any shifts in rate-hike expectations priced by Fed funds futures, as these will shape whether gold can sustain levels above $4,400 or test supports near $4,000 by year-end.