Gold spent the week on the back foot, slipping from the low-$4,100s to briefly below $4,000 as rising oil prices, firmer rate-hike expectations for December, and margin-call selling from a tech equity rout weighed on the metal.
Short-term bearish research pointed to higher real yields, a 10-year above 5%, hot CPI near 3.7%, and speculative long liquidation, with some technicians flagging $3,500–$3,800 as the next zone if the $4,000 base fails. One thread invoked a late-2018-style acceleration lower into year-end.
The constructive case did not disappear. Several analysts highlighted central bank buying running at roughly five times the pre-2022 pace, 23 straight months of Chinese accumulation, firm Diwali demand, and persistent ETF inflows. Published 12-month targets as high as $5,100 were reiterated, framed around debt monetization, currency debasement, and gold's role as the hedge against an AI-era capital misallocation. A recurring message: once speculative selling clears and the rate narrative turns, the structural bid returns.