Gold Under Pressure as Bond Yields and Dollar Stay Elevated, Speculators Cut Longs

AI desk brief

Gold stayed under pressure as Treasury yields held near multi-decade highs and the dollar pushed to a 17-month euro-era high, with spot gold down 0.9% to $4,153/oz and logging a sixth straight weekly decline. FedWatch odds for an October hike collapsed to just above 20%, but that easing in rate expectations was outweighed by sticky real-rate/dollar headwinds and a further reduction in speculative longs.

CFTC Managed Money net longs in Comex gold fell for a fifth straight week to 386.98t as of 29 September, while GLD and IAU still saw net weekly inflows of 1.1t and 0.6t respectively, underscoring a split between hedge-fund de-risking and ETF accumulation. Analysts cited buying interest near $4,000/oz and flagged rising sovereign debt as a structural tailwind; silver gained 1.1% to $61.68/oz after a 6.1% weekly drop.