Lower Bond Yields Support Gold Despite 30-Tonne Futures Cut - Crux Investor

AI desk brief

Lower bond yields helped cushion gold even as the LBMA Gold Price PM slipped 0.1% for the week to US$4,186/oz on Oct. 9. WGC said COMEX managed-money net longs fell 29.9 tonnes to 357.1 tonnes, while ETF inflows slowed; however, options traders turned less bearish and Chinese investors added longs after Golden Week, leaving positioning mixed rather than uniformly negative.

The piece also stresses that elevated gold prices are only partly translating into new supply. WGC said total gold supply was broadly flat at about 1,269 tonnes in Q2 2026 despite gold averaging US$4,506/oz, with mine output up just 2% y/y and recycling down 6%; the article highlights rising AISC and the importance of project costs, grade, recovery and financing for future mine viability.