Gold closed September at $4,176 an ounce, down 8.5% on the month, as a 53-basis-point jump in the US 10-year Treasury yield to 5.3% and a 2% stronger dollar weighed on prices, the World Gold Council's latest monthly commentary notes. Yet the selloff masked a sharp split in investor behavior: global gold ETFs still pulled in $10 billion (67 tonnes) even as COMEX managed-money positions shrank by $12 billion. The standout was the UK, where gold ETFs absorbed 54 tonnes in the third quarter — roughly triple what flow models predicted — a move the Council links to fiscal worries and rising term premia. With October's Fed meeting ahead, the Council says the next test is whether that demand holds if bond yields stay elevated.
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