Vedika Narvekar, a research analyst at Anand Rathi Shares, projected gold to hold at $4,137 an ounce on October 7 2026, citing ongoing central‑bank purchases but a cautious outlook.
Gold slid more than 8% in September, even as global gold ETFs pulled over 70 tonnes of inflows – a rare combination that unsettled futures traders.
China added to its reserves for a 23rd straight month, while central banks bought 39 tonnes in August, pushing this year’s total to 170 tonnes.
The Fed’s September‑month minutes, due Wednesday, are expected to clarify policy sentiment; October hike odds have fallen below 20%, yet December odds remain above 85%.
Iran’s intensified attacks in the Strait of Hormuz have lifted oil prices, adding a fresh geopolitical risk that could ripple through bullion markets.
Investors now watch the Fed minutes for dovish signals that could lift gold, while a hawkish surprise or a new escalation in Hormuz could drag prices back to support levels.