Gold Pares Gains after Weak US Jobs Data, ETF Demand Resilient Despite High Bond Yields

AI desk brief

Gold jumped 0.9% to $4,216/oz on the weaker-than-expected US jobs report as Treasury yields and the dollar eased, but much of the move faded later in the session. Even so, bullion remains near its December 2025 high and has held up despite September’s 8.5% pullback, as investors kept adding to gold ETFs.

ETF demand was the key supportive counterweight to rising real yields: GLD holdings rose 13.3t in September and IAU added 3.0t, while WGC data show global gold ETF holdings at a record 4,189t at end-August and still up about 52t in the four weeks to 25 September. The macro backdrop remains mixed-to-supportive for gold, with US 10-year yields retreating from around 5.35% after NFP of just 29k, but fiscal strain in France, the UK, Japan and Italy reinforcing the broader debasement narrative.