Key facts
- Gold was down 9% for the year, on track for its worst annual performance in 11 years, after a roughly 10% drop in 2015.
- The 10-year US Treasury yield was around 4.91%, up 77 basis points since the start of the year.
- The US Dollar Index ticked up to 101, up 3% since the start of the year, Rosenberg said.
- The World Gold Council said bar and coin demand fell 19% year-over-year and global jewelry demand fell 17%.
- Markets priced a 75% probability the Fed raises rates another quarter point before the end of the year, the report said.
- The Nasdaq 100 shed around $2 trillion in market cap since a record in early October, the report said.
Gold traded below $4,000 an ounce on Tuesday, November 3, 2026, about 29% below its January high and down 9% for the year, according to a Business Insider report. That puts the metal on track for its worst annual performance in 11 years, after a roughly 10% drop in 2015.
Higher Treasury yields raised the opportunity cost of holding gold, and a stronger dollar made bullion more expensive for international buyers, said Adam Perry, a senior market analyst at Capital.com. The benchmark 10-year US Treasury yield was around 4.91%, up 77 basis points since the start of the year, and the US Dollar Index ticked up to 101, up 3% year-to-date.
The Federal Reserve paused its rate-hiking cycle at its last policy meeting, but investors expected tightening to resume heading into 2027. Markets priced a 75% probability of another quarter-point rate increase before the end of the year and a 21% probability of a further quarter-point increase in January, the report said.
Demand outside central banks faded. The World Gold Council said bar and coin demand fell 19% year-over-year and global jewelry demand fell 17%. Tenoris, an analytics firm, said in a September report that US gold jewelry revenue rose overall but unit sales declined, with growth concentrated at higher price points.
Economist David Rosenberg wrote that gold was behaving like a risk asset and that traditional correlations had broken down. He said margin calls on tech positions may have forced investors to sell gold, and FINRA data showed debit balances in customers' margin accounts near a record high in October. The Nasdaq 100 slipped into an official correction, shedding around $2 trillion in market cap since a record in early October, the report said.