Spot gold dropped 3.3% to about US$4,146 an ounce. An analyst cites three pressures: oil-driven inflation from the prolonged US-Iran conflict and Hormuz tensions, markets pricing a 65% chance of another Fed hike in October, and rising long-term bond yields. Key US data arrives 30 Sep (PCE inflation) and 2 Oct (jobs). A strong print could push gold lower again. For a Thai business, watch gold-jewellery stock valuations and gold-backed loan collateral, and expect higher fuel and energy costs to keep feeding inflation.