Sharon Ding, UBS head of China basic materials research, said most negative news for gold has been priced in. Gold has dropped about 5% since early September as renewed inf concerns re‑ignited bets on further Fed hikes; she said prices now reflect a clear hawkish repricing and the headwind may ease as market odds of an October Fed rate rise recede. Ding added that if upcoming data no longer supports further upward revisions to the expected policy path, there is greater room for gold to stabilize

Sharon Ding, UBS head of China basic materials research, said most negative news for gold has been priced in. Gold has dropped about 5% since early September as renewed inf concerns re‑ignited bets on further Fed hikes; she said prices now reflect a clear hawkish repricing and the headwind may ease as market odds of an October Fed rate rise recede. Ding added that if upcoming data no longer supports further upward revisions to the expected policy path, there is greater room for gold to stabilize, and a continued fall in US Treasury yields could bolster a recovery.