Gold Price Outlook: High Real Yields Pose a Risk Ahead of US CPI - FXEmpire

AI desk brief

December 2026 COMEX gold settled Friday at $4,074.90/oz, down $38.60, while Treasury 5- and 10-year real yields stood at 2.35% and 2.63% on November 6. Elevated real yields could constrain gold through opportunity costs; October payroll growth of 165,000 could also temper pressure for rapid easing. October CPI, scheduled for Tuesday, could pull gold in opposing directions through inflation protection and policy expectations. The author sees a $4,000–$4,200 range unless a daily close above $4,200 opens another leg higher; declining real yields could support that case, while persistently high yields would weaken it.