TLDR
- Gold fell 3.4% on Sept. 28, a move the Kobeissi Letter called statistically rare since 2006.
- The 10-year Treasury yield reached 5.23%, its highest level since 2007.
- Bitcoin dropped toward $82,600 before recovering to around $83,000.
- U.S. spot Bitcoin ETFs drew $2.39 billion in net inflows during the week of Sept. 21 to Sept. 25.
- Markets are waiting on U.S. jobs and inflation data that could shape the Fed’s next move.
Gold fell 3.4% on Sept. 28 as U.S. Treasury yields climbed and traders raised bets on another Federal Reserve rate hike. Bitcoin also moved lower, trading near $83,000 on Sept. 29.
The Kobeissi Letter described gold’s drop as statistically rare. Since 2006, gold’s average daily move has been 0.05% with a standard deviation of 1.19%, placing Monday’s decline close to three standard deviations below average.
Spot gold fell as much as 4% during the session to $4,110.55 per ounce, its lowest level in more than seven weeks, Reuters reported. It later recovered to $4,136.81, while U.S. gold futures closed 3.5% lower at $4,168.40.
Other metals also fell. Silver lost about 4.5%, while platinum and palladium dropped 2.8% and 3.6%.
Treasury Yields Reach Highest Level Since 2007
The 10-year Treasury yield reached 5.23% on Sept. 28, its highest level since 2007. The 30-year yield touched 5.54%, and the two-year yield climbed to around 4.92%.
Higher yields increase the return on government debt, while gold pays no interest. A stronger dollar also makes gold more expensive for buyers using other currencies.
Oil prices added to inflation concerns after President Donald Trump rejected Iran’s proposal for a seven-day ceasefire and the reopening of the Strait of Hormuz. Brent crude moved back above $100 per barrel.
The Fed raised its target range by 25 basis points to 3.75% to 4% on Sept. 16. Markets are now pricing a high chance of another increase by December.
U.S. stocks also declined on Monday. The S&P 500 lost 0.8%, the Nasdaq Composite fell 0.9% and the Dow Jones Industrial Average dropped 0.7%.
Bitcoin Faces the Same Pressure
Bitcoin dipped toward $82,600 on Monday before recovering to around $83,000. The cryptocurrency is now about 5% below its Sept. 21 high near $87,400.
Rising yields have weighed on Bitcoin several times this month. On Sept. 24, the 10-year yield reached 5.2% as Bitcoin fell from above $87,000 toward $84,000.
Like gold, Bitcoin does not produce cash flow from being held. Treasury securities offer a government-backed yield, which can draw money away from both assets when rates rise.
The opposite happened in August. The Treasury said on Aug. 19 it would raise its long-dated bond buybacks from $2 billion to at least $4 billion per operation, and the 30-year yield fell from 5.34% to 5.19% as Bitcoin rallied.
Demand from exchange-traded funds has continued despite high yields. U.S. spot Bitcoin ETFs recorded $2.39 billion in net inflows from Sept. 21 to Sept. 25, with positive flows in all five sessions.
The largest daily intake was $999 million on Sept. 21. BlackRock’s iShares Bitcoin Trust accounted for about $1.16 billion of the weekly total.
Spot Bitcoin funds have collected roughly $5.3 billion since August. The latest flows pushed 2026 ETF demand back into positive territory after it sat about $5.8 billion below zero in July.
Markets are now waiting for U.S. job openings, personal consumption expenditures inflation and employment data. Bitcoin remained near $83,000 on Sept. 29, while the 10-year Treasury yield stayed above 5%.
The post Gold Drops 3.4% as Treasury Yields Hit 2007 High, Bitcoin Slips Near $83,000 appeared first on Blockonomi.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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