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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