Nasdaq’s 4.5% Selloff Strengthens Gold’s Defensive Appeal - Crux Investor

AI desk brief

Gold held up as the Nasdaq fell 4.48% in the week ending Oct. 16, with the LBMA Gold Price PM rising 0.07% to US$4,189/oz while the 10-year Treasury yield dropped about 17 bp. The piece argues that the combination of equity stress, softer yields, and continued inflation support gold’s defensive role, even as the metal remained 4.1% lower year to date through Oct. 16.

Positioning was mixed: physically backed ETF inflows accelerated, especially in North America, while COMEX managed-money net longs fell from 357.1t on Oct. 6 to 345.5t on Oct. 13. On the supply side, WGC put Q2 mine output at 965.6t, up 2% YoY, and Q1 2026 AISC at US$1,785/oz, underscoring margin sensitivity for producers as prices remain elevated.