Rising US dollar and Treasury yields weigh on gold prices; traders focus on Federal Reserve minutes

智通财经2026/10/07 11:14

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On Wednesday, the US dollar and Treasury yields climbed again, putting pressure on gold prices. The US Dollar Index is currently around 102.30, hovering near its highest level since April 2025. Meanwhile, the US 10-year Treasury yield rose to about 5.324%, close to Monday’s peak of 5.349%, the highest level since 2002. The Middle East conflict has pushed up oil prices and exacerbated inflation risks. Rising government debt and fiscal deficits, combined with the resilience of the US economy, have all contributed to higher financing costs. Traders will closely watch the Federal Open Market Committee meeting minutes for the latest clues on whether the Federal Reserve might further tighten policy. Since the Middle East conflict erupted at the end of February, expectations for a hawkish Fed policy outlook have continued to suppress gold prices, which are now down over 25% from the historical high of nearly $5,600 in January. Nevertheless, long-term demand still provides fundamental support for gold.

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On Wednesday, the US dollar and US Treasury yields rose again, putting pressure on gold prices. The US Dollar Index is currently at around 102.30, hovering near its highest level since April 2025. Meanwhile, the US 10-year Treasury yield has risen to about 5.324%, close to the 5.349% reached on Monday, marking the highest level since 2002. The Middle East conflict is driving up oil prices and increasing inflation risks. Coupled with rising government debt and fiscal deficits, as well as the US economy remaining resilient, these factors have all pushed up financing costs. Traders will closely monitor the minutes of the Federal Open Market Committee meeting for the latest clues on whether the Federal Reserve might further tighten policy. Since the outbreak of conflict in the Middle East in late February, expectations of a more hawkish policy outlook from the Federal Reserve have continually weighed on gold prices, which are now more than 25% below the historical high of nearly $5,600 reached in January. However, long-term demand still provides fundamental support for gold.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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Spot platinum has just broken through the $1620.00/oz level, now quoted at $1619.64/oz, down 5.35% on the day; main Nymex platinum futures are now quoted at $1625.5/oz, down 4.90% on the day; spot gold has just broken through the $4090.00/oz level, now quoted at $4089.72/oz, down 1.78% on the day; main COMEX gold futures are now quoted at $4115.90/oz, down 1.70% on the day.

智通财经•2026/10/07 12:49

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智通财经•2026/10/07 12:48