Dollar and U.S. Treasury Yields Rise, Gold Prices Under Pressure Ahead of Fed Minutes

On October 7, the dollar and U.S. Treasury yields rose, putting pressure on gold prices. The dollar index was around 102.30, close to its highest level since April 2025. The yield on the U.S. 10-year Treasury note climbed to about 5.324%, nearing Monday's 5.349%, the highest level since 2002. The conflict in the Middle East has driven up oil prices, exacerbating inflation risks, while rising government debt and fiscal deficits, along with the resilience of the U.S. economy, have pushed financing costs higher. Traders are focusing on the minutes from the Federal Open Market Committee meeting to look for clues on whether the Fed may tighten policy further. Since the outbreak of the Middle East conflict at the end of February, market expectations for a hawkish Fed policy have continued to suppress gold prices, which are currently down over 25% from January's near $5,600 historical high. Long-term demand still supports gold.

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