NYSEARCA:GLD
NEW YORK, Sept. 4, 2026, 7:20 a.m. EDT — Gold traded near $4,475 an ounce Friday after climbing about 2% on Thursday, as investors weighed how much expectation for fewer rate hikes was already…
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Gold traded above $4,600 on Thursday, with Treasury bond buybacks fueling interest in dollar-debasement trades. The metal also found backing from a weaker dollar…
Direct channel A weaker dollar lowers gold's price for foreign buyers; ETF inflows convert that demand into physical holdings.
| Exposure | Price | Day | Volume | Role |
|---|---|---|---|---|
| GLD | $422.60 | +0.30% | 5.22M | Large physical-gold ETF |
| IAU | $86.62 | +0.29% | 2.27M | Physical-gold trust |
| GDX | $103.73 | +1.28% | 8.56M | Global miners basket |
| CDE | $22.17 | +3.40% | 20.85M | Higher-beta producer |
| BTG | $5.80 | +0.96% | 21.58M | Producer exposure |
Gold pays no yield. Higher real rates raise its opportunity cost, while lower real rates or a weaker dollar improve relative appeal.
Market pricing cited by Reuters: 34% odds of a September rate increase and 74% odds by December. Friday's Jackson Hole speech is the immediate volatility gate.
Gold touched a three-month high on Tuesday as falling Treasury yields lowered its opportunity cost. The move brought $4,700 into view before profit-taking trimmed…
A three-month high met profit-taking while listed-fund demand accelerated.
Most-active futures reference series; closes shown through August 25. The month-to-date move is roughly 14%.
Gold pays no coupon. Lower Treasury yields reduce the income forgone by holding bullion.
−6.5 bp, the largest decline since June 24.
−5.6 bp to 5.174%.
| Vehicle / flow | Reading | Signal |
|---|---|---|
| GLD volume | 40.0m shares | 2.1× Monday |
| GLD turnover | ≈$17.1bn | High liquidity |
| GLD creations | $1.2bn | Fresh demand |
| Metals ETF creations | $1.3bn | GLD share ≈92% |
Turnover is price multiplied by volume; creations are reported primary-market flows.
| Asset | August 25 | Read-through |
|---|---|---|
| Spot gold | High $4,696.18 | Safe-haven bid |
| Silver | $68.86 | Near-flat |
| U.S. 10-year | 4.638% | Lower carry hurdle |
| Dollar index | Broadly steady | Yield move dominated |
| China net imports | 56.193 tonnes | +11% in July |
| Trigger | Likely gold pressure |
|---|---|
| Softer PCE, lower yields | Supportive |
| Hotter PCE, stronger dollar | Negative |
| Persistent ETF creations | Supportive |
| Geopolitical easing | Negative |
The breakout case now needs confirmation from rates and fund flows. A clean hold above $4,700 would extend August's trend. A reversal in yields would expose a crowded trade after a 14%-plus monthly gain.
Sources: Reuters gold market · Reuters cross-asset close · GLD data · ETF flows. Figures timestamped above; prices may differ by contract and venue.
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