Gold is caught in a tug-of-war. Surging bond yields and a stronger dollar have hammered the metal over the past month, yet ETF investors keep buying — holdings just hit a four-year high of 3,149 tonnes.
Saxo's Ole Hansen notes the 10-year Treasury has climbed to around 5.3% and real yields toward 3%, after gold briefly broke below $4,100. His take: the same rising yields hurting gold today could strengthen its longer-term case, as investors hedge against fiscal strain.
ETF holdings rose 72 tonnes since the start of September, showing strategic buyers looking past the macro headwinds.
