On October 14, London spot gold fell slightly overnight, and COMEX gold futures fell 0.15%. On the macro side, the third head of the Federal Reserve, Williams said that interest rates may be raised again this year, but there is no need to continue to raise interest rates in 2027; Federal Reserve Governor Waller said that rising US long-term treasury yields are suppressing demand in interest-sensitive areas such as real estate and automobiles, and has played a role in tightening monetary policy to a certain extent. The release of US CPI data tonight affects expectations of future interest rate hikes. Currently, the market expects that the probability of interest rate hikes at the October 28 meeting of the Federal Reserve will be low, but if the core CPI rises to 0.3% month-on-month, it may reignite concerns about interest rate hikes. Before the big data was released, capital was cautious, and gold remained volatile at a low level in the short term. According to the IMF's latest “World Economic Outlook”, developed economies' net borrowing volume will reach 5.2% of GDP this year, a record high since 2021; the average US government's net borrowing will reach 8.5% of GDP, up from 7.1% in 2025, further deteriorating from the April judgment of this year. On the geopolitical side, Trump said on the 13th that he had spoken with the Saudi Crown Prince, but declined to say whether he had decided to join the campaign against the Houthis, and pointed out that the Houthis were deliberately pushing up oil prices before the US midterm elections. The price of gold is still low and fluctuates repeatedly. This may be related to the fact that US Treasury yields have remained high. There are two contradictions for the market. On the one hand, there are concerns about the risk that US Treasury yields will get out of control, but on the other hand, it has also boosted the attractiveness of US dollar assets. Taken together, weakening US economic data expectations have curtailed short-term downside for precious metals, but expectations of high long-term interest rates or interest rate hikes and the strength of the US dollar still constitute valuation constraints, and should still be viewed with caution.

On October 14, London spot gold fell slightly overnight, and COMEX gold futures fell 0.15%. On the macro side, the third head of the Federal Reserve, Williams said that interest rates may be raised again this year, but there is no need to continue to raise interest rates in 2027; Federal Reserve Governor Waller said that rising US long-term treasury yields are suppressing demand in interest-sensitive areas such as real estate and automobiles, and has played a role in tightening monetary policy to a certain extent. The release of US CPI data tonight affects expectations of future interest rate hikes. Currently, the market expects that the probability of interest rate hikes at the October 28 meeting of the Federal Reserve will be low, but if the core CPI rises to 0.3% month-on-month, it may reignite concerns about interest rate hikes. Before the big data was released, capital was cautious, and gold remained volatile at a low level in the short term. According to the IMF's latest “World Economic Outlook”, developed economies' net borrowing volume will reach 5.2% of GDP this year, a record high since 2021; the average US government's net borrowing will reach 8.5% of GDP, up from 7.1% in 2025, further deteriorating from the April judgment of this year. On the geopolitical side, Trump said on the 13th that he had spoken with the Saudi Crown Prince, but declined to say whether he had decided to join the campaign against the Houthis, and pointed out that the Houthis were deliberately pushing up oil prices before the US midterm elections. The price of gold is still low and fluctuates repeatedly. This may be related to the fact that US Treasury yields have remained high. There are two contradictions for the market. On the one hand, there are concerns about the risk that US Treasury yields will get out of control, but on the other hand, it has also boosted the attractiveness of US dollar assets. Taken together, weakening US economic data expectations have curtailed short-term downside for precious metals, but expectations of high long-term interest rates or interest rate hikes and the strength of the US dollar still constitute valuation constraints, and should still be viewed with caution.