TD Securities expects gold to retest support near $3,900 an ounce as higher US rates and a stronger dollar weigh on investment demand. Gold slipped below $4,000 after hotter-than-expected October CPI and a two-day slide.
Treasury yields near 5% add to the pressure, while central-bank buying may cushion declines.
A forecast retest of $3,900 reflects rising real rate expectations and dollar strength, while easing oil prices could weaken the inflation case for further hikes and revive gold demand.
After 4,478 past macro events, US Dollar (Broad) moved a median +0.0% over 5 sessions (51% higher; middle half -0.4% to +0.5%), and +0.1% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.