The yellow metal faced a difficult week, caught between persistent inflation concerns and a broader rally in equities that dampened appetite for safe-haven assets. Despite a brief attempt to stabilize midweek, gold was ultimately weighed down by expectations of further interest rate hikes, which increased the opportunity cost of holding non-yielding bullion. By the close of the week, spot gold traded near $4,284.97, reflecting a weekly decline of over 2%.

Sentiment remains fractured among market observers. The latest Kitco News survey shows Wall Street analysts evenly split between bulls, bears, and those anticipating sideways volatility. Conversely, Main Street sentiment remains resilient; 57% of retail participants maintain a bullish stance, looking past current price weakness. Analysts point to the upcoming U.S. employment data and the September PCE index as the next critical tests for the metal’s price trajectory. While some experts view the recent dip as a necessary consolidation phase after a historic climb, others warn that until bond market volatility settles and geopolitical tensions in the Middle East ease, gold may continue to search for a firm floor.