Bond pressure on gold intensifies
Rising US Treasury yields and expectations that the Fed could continue raising interest rates are weighing on gold.
Spot gold ended last week down more than 1% at around $4,285 an ounce, while the US 10-year Treasury yield climbed above 5.1%. Goldman Sachs also lowered its year-end 2026 gold forecast from $4,900 to $4,650.
On the other hand, high government debt levels in the US, UK, France and Japan are raising concerns over the safe-haven status of sovereign bonds. Analysts say that if confidence in the bond market weakens, investors could turn back to gold, potentially supporting prices over the longer term.
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