Gold kept falling even as central banks continued buying, with three major central banks — the ECB (2.5%), the Fed (3.75–4%) and the Bank of Japan (1.25%, its highest since 1995) — raising rates in a blow to non-yielding gold. Central banks kept adding to reserves and gold ETFs drew about $10 billion in September, but those purchases only slowed the downtrend without stopping it. Behind the rate hikes lies a Middle East conflict that has pushed oil prices and eurozone inflation, now at 3.2%.
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