Gold Below $4100, Silver Sub-$60 as US Borrowing Costs Hit 2002 Level

AI desk brief

Gold slipped below $4,100/oz for the first time since 5 August and silver fell below $60/oz as US long-end borrowing costs surged to fresh multi-decade highs, with 10-year Treasury yields at 5.36% and 30-year yields at 5.72% ahead of heavy debt issuance. The stronger dollar and higher real-rate backdrop are the immediate headwinds for bullion, even as LBMA conference delegates said central bank gold buying should continue around or above recent record levels.

China reported a 23rd straight month of central bank accumulation, buying the most by weight since September 2023. Fed commentary remained hawkish enough to keep rate-hike odds alive for December, while gold also weakened in sterling terms below £3,100/oz and held firmer in euros above €3,665.