Ayni Gold Weekly Briefing: Gold Approaches the Fed Meeting After a Third Weekly Decline

Gold recovered some ground on Friday, but the week still ended lower as fresh US inflation data strengthened expectations of another interest-rate increase. The next test arrives quickly: the Federal Reserve meets on September 15-16.

In tokenized markets, Finloop announced plans to distribute interests in an Aberdeen private-markets strategy in Hong Kong, while Broadridge launched infrastructure connecting digital securities with existing financial systems. Our ecosystem update covers last week’s live event with PIPO and the latest operational report from Minerales San Hilario in Peru.

Gold and Macro Brief

Friday’s rebound leaves the weekly decline intact

The September-delivery COMEX gold contract settled at $4,366.20 per troy ounce on September 11, finishing the week 1.44% lower. It was the contract’s third consecutive weekly decline, according to Dow Jones Market Data. These figures refer to futures settlement prices.

Spot gold staged a stronger rebound during Friday’s session. Reuters quoted it at $4,363.01 an ounce at 17:40 GMT, up 1.1% on the day, though still down about 1.5% for the week at that point. Buyers returned after the recent sell-off, even as the inflation report increased expectations of a Fed hike.

That combination leaves gold in an unsettled position. The recovery showed demand at lower prices, while the weekly loss reflected the pressure from the interest-rate outlook. Friday’s buying alone gives little evidence that this pressure has passed.

Inflation picks up ahead of the decision

The US Consumer Price Index rose 0.4% in August, following a 0.1% increase in July. Annual headline inflation held at 3.4%. Gasoline prices rose 3.9% during the month and accounted for more than a third of the overall monthly increase.

The underlying picture was mixed. Core CPI, excluding food and energy, increased 0.3% month on month, while its annual rate eased to 2.4% from 2.5%. A slower annual reading therefore arrived alongside a faster monthly increase.

Producer prices added to the picture. The final-demand Producer Price Index rose 0.4% in August and 5.4% over the year, according to the release published on September 10. Energy accounted for much of the increase in goods prices.

By Friday, Reuters reported that futures markets were assigning an 87% probability of a Fed rate increase, compared with 67% before the inflation data. Those were market expectations at the time of reporting; the decision remains ahead.

For gold, the policy response matters as much as the inflation number. Higher interest rates raise the opportunity cost of holding bullion. This can weigh on the metal even when concerns about purchasing power remain elevated.

RWA and Tokenization

Finloop prepares access to Aberdeen’s private-markets strategy

On September 7, Aberdeen Investments announced the appointment of Finloop Finance as a distributor of its Global Private Markets strategy. Finloop plans to offer tokenized interests through its platform to Professional Investors in Hong Kong. The underlying strategy spans private equity, private credit, infrastructure, real estate and natural resources.

The structure puts Finloop between the tokenholder and the underlying fund. Finloop will issue the tokens and hold the corresponding fund units as nominee. Tokenholders receive economic exposure through that arrangement, with the terms of the underlying fund still relevant to the product.

The announcement also draws a clear legal boundary: holding a token does not make someone a direct unitholder in Aberdeen’s fund or give them direct rights against Aberdeen. Distribution is limited to the specified professional-investor audience.

For readers following digital access to private markets, this is a useful example to examine closely. The issuer, eligibility rules and legal claim determine what access actually means. A tokenized format, by itself, tells only part of that story.

Broadridge brings issuance and post-trade workflows into DLX

On September 9, Broadridge announced DLX, a platform designed to connect tokenized assets with traditional financial-market operations. It brings together functions including issuance, trading, settlement, servicing and custody, with capabilities to connect to the DTCC Tokenization Service through Canton and other networks.

Broadridge is building on its existing Distributed Ledger Repo service, which it says processes more than $350 billion in daily activity. That figure describes the established repo service. Broadridge has yet to report equivalent activity for the wider set of DLX use cases.

The practical focus is integration. A bank or asset manager adopting tokenized securities still needs books and records, custody arrangements, compliance processes and settlement systems to work together. DLX is intended to connect those functions while supporting several asset classes and custody models.

Broadridge says broader use cases will be announced in due course. Named deployments and product-level activity will help show how the platform develops beyond its existing repo foundation.

Ecosystem Updates

Ayni and PIPO: From Closed Markets to Open Access

On September 10, Ayni joined PIPO for a live event on X titled “From Closed Markets to Open Access.”

The event brought together PIPO’s focus on pre-IPO companies and Ayni’s work around digital access to gold production. Its announced theme centred on access, trust, liquidity and clear user rights: practical questions for people exploring products linked to markets that have traditionally been difficult to enter.

Water circulation, pit preparation and maintenance in Peru

The latest operational update from Minerales San Hilario covers work at several stages across the concession.

A diversion channel is under construction at the tailings discharge point to improve water recirculation. At the proposed new pit, exploratory test pits are being dug to establish the area’s boundaries more precisely. That exploration remains underway.

At the existing pit, the team has increased stripping work to expose more gold-bearing sand. This is a preparation-stage update; a corresponding change in gold output has yet to be reported.

The repair area beside the sand-washing facility is complete, providing a dedicated location for maintenance and repairs close to the equipment. Water handling, ground assessment, access to the sands and equipment support remain the focus of the reported work.

The Week Ahead

The September 15-16 FOMC meeting includes a new Summary of Economic Projections. Alongside the rate decision, those projections will help show how policymakers assess inflation and the likely path of interest rates.

After three weekly declines, gold enters that meeting with some buying support visible on Friday and a substantial rate-hike expectation already reflected in futures pricing. The decision, the projections and the market’s response will provide the next evidence to assess.

Ayni Weekly Briefing

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