Daily note · 23 October 2026
Gold loses 2.6% to test $4,000 as forced selling beats falling yields
Gold fell about $108 on Thursday to close near $4,026, its lowest in more than two weeks. Asia briefly broke $4,000 with a low of $3,988 at 03:00 UK, and spot now sits at $4,015, with $4,021 and $4,032 the first caps.
XAUUSD
$4,015.26
spot · 08:12 BST · −0.27%
DXY
101.70
Thu close 101.61
UST 2Y / 10Y
4.65% / 4.96%
CMT · 22 Oct
Catalyst
Weekly close
Fri · FOMC 27–28 Oct
Chart: gold futures GC=F daily candles with 20-day average (Yahoo Finance data, plotted 08:12 BST, 23 Oct 2026). Futures trade at a premium to spot, so chart levels differ from the spot strip.
BackdropYields fell hard on Thursday, yet gold still dropped: selling for cash during the tech sell-off outweighed the rate relief.
Market structureThe October lows near $4,068 have given way, and the first test of $4,000 has held only just. Working range: $3,985–$4,040.
Educational market commentary for information and knowledge sharing only. Not investment advice. Disclaimer & risk warning.