The market has begun pricing in rate hikes, fundamentally reshaping gold's short-term dynamics. On September 15, spot gold fell below the $4,300 per ounce mark, dipping to a low of $4,260 per ounce, while COMEX gold touched a session low of $4,301 per ounce, down approximately 1% on the day.

Domestically, the main Shanghai gold futures contract closed at 929 yuan per gram on September 15, reflecting a 1.55% decline. Ahead of the Federal Reserve's policy meeting, the 10-year U.S. Treasury yield briefly surged past the 5% threshold, reaching levels not seen since 2023, which added downward pressure on bullion prices.

According to a research note from CSC Financial, near-term rate hike expectations are now almost fully priced in, triggering a sell-the-news reaction that has driven gold's correction. The firm believes that as long as the Fed refrains from signaling sustained rate increases, gold could bottom out and rebound once the bearish factors are exhausted.

Following the price drop, consumer activity has started to pick up. A post-90s shopper surnamed Zhang visited the Shuibei Jinzhan Jewelry Plaza over the weekend and purchased a 3-gram hard gold bracelet for approximately 3,400 yuan. She told reporters that she had been waiting on the sidelines while prices were elevated, but this pullback finally made it feel like a good time to buy. As gold prices continue to slide today, Zhang quipped, "I bought a bit early, but I'll just treat it as paying a little extra for enjoying it sooner."

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