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On this day — August 11, 2023
Friday — typically a higher-volatility close to the week. US monthly non-farm payrolls publish on the first Friday of each month at 8:30 AM ET, the single most-watched economic data release for gold.
Day 223 of 365 · Q3 2023 · 61.1% through the year
August 2023 gold market: Surging yields pressure gold
BearishA sharp rise in long-term yields weighed on gold.
Gold slipped toward $1,890–$1,915 in August as US Treasury yields climbed sharply — the 10-year pushed above 4.3% — on resilient growth and heavy government bond issuance. Higher yields steadily eroded gold's appeal.
What drove gold in August 2023
- 10-year yield above 4.3%
- resilient US growth
- heavy Treasury issuance
- firm dollar
Key events in August 2023
- Aug 21Gold dips below $1,900 as yields spike
What happened next
Yields kept climbing into September, dragging gold toward its autumn low.
For gold buyers
August underlined gold's tug-of-war with the bond market — when yields surged, gold had little defence.
Aug 11 across the years — 2020 → 2022
| Year | Aug 11 close | vs prior | |
|---|---|---|---|
| Aug 11, 2022 | $1,796.70 | +3.05% | View |
| Aug 11, 2021 | $1,743.60 | -10.11% | View |
| Aug 11, 2020 | $1,939.70 | — | View |