Gold falls below $4,300 as US bond yields surge past 5%

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Summary · why it matters

Gold prices fell below the $4,300 level today, pressured by a stronger dollar and a rebound in US government bond yields. As of 11:35 p.m. Thailand time, spot gold was down $52.55, or 1.21%, at $4,287.03 an ounce, while COMEX December gold futures fell $58.10, or 1.33%, to $4,318.30 an ounce. The yield on the 10-year US Treasury note jumped past the 5% mark today, hitting a 19-year high, after S&P Global reported that its preliminary composite US manufacturing and services purchasing managers' index rose to 58.4 in September, the highest in 62 months, from 56.0 in August. The preliminary manufacturing PMI came in at 57.0, a 52-month high, and the preliminary services PMI at 58.7, a 59-month high. Gold prices were also weighed down by remarks from Federal Reserve Governor Michael Barr, who backed further Fed interest rate hikes to control inflation, saying the labor market and economic growth remain strong but inflation is still above the Fed's 2% target.

Impact on assets 3

Others▲ · 2 stocks
％Effective Federal Funds Rate
EFFR
▲ PositiveMonetaryrelevance

Stronger-than-expected US PMI data and Fed Governor Barr's backing of further rate hikes support higher policy rates.

Others▼ · 1 stocks
⛏Gold Futures
GOLD
▼ NegativeMonetaryrelevance

Gold fell below $4,300 as surging US bond yields and a stronger dollar pressured the metal.

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