Spot gold fell to about $4,102 an ounce on Wednesday, its lowest in nine weeks, after futures markets priced an 86 percent chance the Federal Reserve hikes again in December. The slide came despite Brent crude near $102 a barrel and fresh attacks on Saudi airports, as the 10-year Treasury yield climbed to 5.345 percent and the dollar index held near 102.5. Gold has stopped trading as a haven and is moving tick for tick with the bond market instead.
Gold sinks to nine-week low as December rate hike odds firm
Gold fell to a nine-week low near $4,102 an ounce on Wednesday as futures priced an 86 percent chance of another Fed hike by year end, overwhelming the usual haven bid.
Why it matters: With the 10-year Treasury at its highest since 2002, the metal is trading as a rates instrument rather than a safe haven, and the September FOMC minutes land Wednesday afternoon ET.
Data as of October 7, 2026 New York afternoon trading. Bloomberg's article was policy-blocked for direct reading; the nine-week-low framing is the Bloomberg RSS headline, with price and yield action corroborated by TradingNews
Sources
- Gold Near Nine-Week Low on Prospects for Rate Hike by Year-End · Bloomberg · 2026-10-07
- Gold Price Forecast - XAU/USD ($4,102) Breaks $4,115 Support as 10-Year Yield Hits 5.345% · TradingNews · 2026-10-07