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Gold Prices Rise Amid Market Volatility and Higher Yields
Confirmed
In Short: Oil prices above USD 100 a barrel and Treasury yields near 5% are squeezing broader risk appetite, according to traders. The situation in Saudi Arabia, where oil supplies are at risk due to recent attacks, is also adding to the volatility.
Gold prices moved higher today across key jewellers in India, according to the latest update from the India Bullion and Jewellers Association (IBJA). The IBJA reported that the rates of 24K, 22K, 20K, 18K, and 14K gold and 999-purity silver all rose compared to Tuesday evening.
Tanishq, a prominent jeweller, set its price for 22k gold jewellery at Rs 13,755 per gram across major cities including New Delhi, Mumbai, Chennai, Kolkata, Thiruvananthapuram, Coimbatore, and Bengaluru.
Other jewellers like Malabar Gold & Diamonds and Kalyan Jewellers set their rates at Rs 13,710 per gram, indicating the current market volatility.
The previous day, on September 29, 2026, the same variety of gold was priced at Rs 14,695 per gram at Tanishq and Rs 13,640 per gram at other jewellers.
Meanwhile, the US jobs report showed that 162,000 new jobs were created in August, nearly three times the expectation, with unemployment holding steady at 4.1%. This report has triggered a reaction by money markets, with traders now expecting the Fed to hold rates at the October meeting.
US Treasury yields are also rising sharply, with the US 30-year bond yield soaring to 5.647% and the US 10-year benchmark note rising to 5.302%. These higher yields are contributing to the overall market volatility.
Oil prices above USD 100 a barrel and Treasury yields near 5% are squeezing broader risk appetite, according to traders. The situation in Saudi Arabia, where oil supplies are at risk due to recent attacks, is also adding to the volatility.
Gold’s daily chart shows that the downtrend remains intact as the non-yielding metal has failed to reclaim the bottom trendline of a 'bullish wedge.' Although momentum has turned moderately bullish, the Relative Strength Index (RSI) remains bearish, suggesting sellers are in control.
The anticipated rate hike by the Federal Reserve could push Treasury yields higher, increasing the federal government's cost to service its debt and driving growing budget deficits.
Traders are keeping position sizes light until both the vote and Fed decision are clear, and are watching whether the rally can clear resistance and extend further into next week.
What's confirmed
- Gold prices moved higher today across key jewellers in India, according to the latest update from the India Bullion and Jewellers Association (IBJA). The IBJA reported that the rates of 24K, 22K, 20K, 18K, and 14K gold and 999-purity silver all rose compared to Tuesday evening.
- Tanishq, a prominent jeweller, set its price for 22k gold jewellery at Rs 13,755 per gram across major cities including New Delhi, Mumbai, Chennai, Kolkata, Thiruvananthapuram, Coimbatore, and Bengaluru.
- Other jewellers like Malabar Gold & Diamonds and Kalyan Jewellers set their rates at Rs 13,710 per gram, indicating the current market volatility.
- The previous day, on September 29, 2026, the same variety of gold was priced at Rs 14,695 per gram at Tanishq and Rs 13,640 per gram at other jewellers.
- Meanwhile, the US jobs report showed that 162,000 new jobs were created in August, nearly three times the expectation, with unemployment holding steady at 4.1%. This report has triggered a reaction by money markets, with traders now expecting the Fed to hold rates at the October meeting.
- US Treasury yields are also rising sharply, with the US 30-year bond yield soaring to 5.647% and the US 10-year benchmark note rising to 5.302%. These higher yields are contributing to the overall market volatility.
- Oil prices above USD 100 a barrel and Treasury yields near 5% are squeezing broader risk appetite, according to traders. The situation in Saudi Arabia, where oil supplies are at risk due to recent attacks, is also adding to the volatility.
- Gold’s daily chart shows that the downtrend remains intact as the non-yielding metal has failed to reclaim the bottom trendline of a 'bullish wedge.' Although momentum has turned moderately bullish, the Relative Strength Index (RSI) remains bearish, suggesting sellers are in control.
- The anticipated rate hike by the Federal Reserve could push Treasury yields higher, increasing the federal government's cost to service its debt and driving growing budget deficits.
- Traders are keeping position sizes light until both the vote and Fed decision are clear, and are watching whether the rally can clear resistance and extend further into next week.
What's still developing
- Because while traders were packing up and heading OUT to the beach for one final long weekend of summer, the August jobs report showed that we created 162k new jobs…. nearly 3 x’s the expectation… Unemployment held steady at 4.1%, labor-force participation ticked up to 61.6%, average hourly earnings rose 0.3% m/m and 3.1% y/y, while the average workweek ticked up to 34.4 hours.
- Recall, the debate was whether the economy was slowing enough to allow the Fed to sit tight, whether inflation remained the bigger problem and whether Hammack and Schmid were right to keep warning investors that rates may need to go higher.
- This morning – yields are up again…the 2 yr is yielding 4.37%, the 10 yr is yielding 4.81% while the 30 yr is yielding 5.266%.
- Bonds are being sold and that is sending yields up.
- On Friday bond vigilantes continued to put the pressure on - they sent prices lower – and yields higher….
- The dollar last traded flat against a basket of currencies as traders awaited U.S.
- Mudrex's Prateek Gupta said Bitcoin holds steady near USD 78,000 despite slipping below its 50-week EMA.
- WazirX founder Nischal Shetty said oil above USD 105 and yields near 5% are tightening liquidity.
- Zcash gained 2.8% today, extending its steady climb past USD 1,140.
- Zcash again stood out, adding another leg to its steady climb.
- In fact, of the various correlations we monitor, the inverse correlation between global equities and the dollar seems to be the strongest right now – far higher than the dollar's link to oil prices.
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