Theoretically, the probability of interest rate hikes in October declined rapidly due to much weaker than expected non-farm payrolls data, which will push the price of gold higher. However, in reality, the price of gold is still low and fluctuates repeatedly. This may be related to the fact that US long-term bond yields have remained high. On the first trading day of October, the 10-year US Treasury yield hit 5.34%, the highest level since 2002, and the 30-year yield rose to 5.68%. This also means that nominal interest rates in the US remain high, investors' concerns about inflation and fiscal risks have not declined much, and expectations of interest rate hikes still haunt transaction logic. Taken together, weak employment data has curtailed short-term downside for precious metals, but high long-term interest rates and a strong US dollar still constrain valuations. Precious metals focused their attention in October on whether weakening employment could force the Federal Reserve to abandon further interest rate hikes in December, and whether inflation could maintain a downward trend against the backdrop of high energy prices.

Theoretically, the probability of interest rate hikes in October declined rapidly due to much weaker than expected non-farm payrolls data, which will push the price of gold higher. However, in reality, the price of gold is still low and fluctuates repeatedly. This may be related to the fact that US long-term bond yields have remained high. On the first trading day of October, the 10-year US Treasury yield hit 5.34%, the highest level since 2002, and the 30-year yield rose to 5.68%. This also means that nominal interest rates in the US remain high, investors' concerns about inflation and fiscal risks have not declined much, and expectations of interest rate hikes still haunt transaction logic. Taken together, weak employment data has curtailed short-term downside for precious metals, but high long-term interest rates and a strong US dollar still constrain valuations. Precious metals focused their attention in October on whether weakening employment could force the Federal Reserve to abandon further interest rate hikes in December, and whether inflation could maintain a downward trend against the backdrop of high energy prices.