Gold Price Falters Amid Elevated Treasury Yields

Gold prices declined, falling to around $4,135 as sustained high US Treasury yields created headwinds for the non-yielding precious metal. This pressure from bond markets persisted even as comments from a Federal Reserve official reportedly softened expectations of an additional interest rate hike.

Global Mining Policies and Supply Issues Emerge

Several developments pointed to potential shifts in future mineral supplies, led by Ghana's plan to ban raw mineral exports by 2030. In South America, Brazil is reportedly considering a new geological survey plan that could favor large mining companies, while a fatal collapse at an illegal gold mine in Colombia highlighted operational supply risks. Separately, an exploration license in Slovakia was extended to 2030.

Geopolitical Risks Escalate with Middle East Threats

Geopolitical tensions were heightened by reports that Iran’s Islamic Revolutionary Guard Corps warned it could expand its blockade beyond the Strait of Hormuz to other critical maritime routes, including the Suez Canal. In other geopolitical news, it was reported that the United States has not approved a transfer of certain interceptor missiles to Ukraine.

China's Economic Rebound Lifts Market Sentiment

China's economy showed signs of a rebound, with stronger-than-expected Q3 GDP growth driven by robust exports and industrial demand. The positive data supported the Chinese Yuan against the US dollar and provided a lift to commodity-linked currencies such as the Australian Dollar, improving broader market sentiment.