Gold has reclaimed a descending trendline and is trading around $4,180.55, putting the $4,227 area in focus as the next breakout test. Softer Treasury yields and a weaker dollar are supporting prices as markets now price just a 17% chance of an October Fed hike, with St. Louis Fed President Alberto Musalem stopping short of calling for one. Record ETF demand — $31 billion of Q3 inflows with holdings at a record 4,256 tonnes — and China's 23rd consecutive month of central bank buying are underpinning the rally.
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