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On this day — August 15, 2023
Tuesday — a normal trading day. Tuesday is also when the CFTC publishes Commitments of Traders data for the prior week, often producing intraday movement.
Day 227 of 365 · Q3 2023 · 62.2% 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.