Gold price slides as yields surge, but SPDR holdings tell a different story - investingLive

AI desk brief

Gold fell 0.3% to $4,125 as Treasury yields extended their breakout, reinforcing the near-term headwind from higher real-rate pressure on a non-yielding asset. The move has pulled prices well below recent highs above $4,600, but the selloff has not yet been matched by a clear collapse in investor positioning.

SPDR Gold Trust holdings remain close to the highest levels in months at around 34 million ounces, suggesting investors are not exiting the gold trade en masse. The article argues the immediate driver of weakness is the rates backdrop rather than a broad loss of conviction; if yields eventually stabilize, those still-elevated ETF holdings could provide a base for recovery.