Gold futures saw a fourth positive session in the last five, yet prices remain relatively stable, gaining only 0.26% heading into the close. Geopolitical tensions in the Middle East and disruptions in the Strait of Hormuz continue to present a safe-haven argument while keeping energy inflation risks elevated, a factor that could compel the Federal Reserve to maintain higher interest rates. Meanwhile, record-setting imports from China are providing a strong demand floor. Chinese gold imports have surpassed 1,000 tons through August, eclipsing the entire total for 2025 and marking the strongest demand seen in customs records since 2017. This robust investment appetite keeps domestic prices above global levels, serving as a tailwind for the market following the Fed's recent rate hike.