New Delhi, Sept. 25 -- Gold buyers in the United States came closer to a two-week floor on Wednesday than they have since early September, drawn there not by any breakdown in demand but by a Federal Reserve that has effectively walled off 2026 as a year for rate cuts. For anyone watching the carry cost of holding gold against rising Treasury yields, the message from Washington was plain: the dollar stays strong for now.

institutional sellers took the cue from Comex open interest and positions unwound through the afternoon session.

The immediate effect on US buyers is a price roughly $0.84 per gram below Tuesday's close for 24-karat gold. That is not a large move in absolute terms, but it continues a retreat from the early-September high...