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Spot gold slipped 0.2% to $4,115.96 per ounce by 0717 GMT, extending its decline to a fourth straight session. Higher oil prices fueled inflation concerns, while investors looked ahead to next week’s Federal Reserve policy meeting for clarity on the future path of interest rates. US gold futures for December delivery also fell 0.2% to $4,133.60 per ounce.

Gold in Pakistan fell Rs3,600 per tola to Rs435,436, and 10-gram gold dropped Rs3,086 to Rs373,316, according to the All-Pakistan Gems and Jewellers Sarafa Association, while silver held at Rs6,234 per tola. Internationally, spot gold was steady at $4,138.54 an ounce and December U.S. futures eased 0.1% to $4,157.90 as investors awaited next week's Fed meeting and PCE data. Analyst Adnan Agar said gold is trading in a tight range of $4,060 to $4,220, with a sustained drop below $4,000 possibly pushing prices to $3,700–$3,800 and a breakout above $4,250–$4,280 opening the way to $4,400 or $4,600. The rupee closed at 276.87 per US dollar, gaining Rs0.03.

According to senior Iranian officials who spoke anonymously, Tehran has deliberately prolonged talks with Washington to weaken Donald Trump politically before the November 3 midterm elections, while fearing renewed US attacks. Iran’s offer, conveyed through Qatari mediators, would reopen the Strait of Hormuz within seven days under Iranian control, provided the US lifts its maritime blockade, eases oil export restrictions, releases frozen assets and ends hostilities, while Washington wants Iran’s nuclear programme on the table from the outset. Iran’s economy is under heavy strain, with annual inflation at 73.6% in September, the rial down nearly 35% against the dollar since July, and seaborne crude exports falling to zero from the second week of September. Trump has said the US will not bomb Iran again before November 3, but Iranian officials still expect bombing to resume.