• UBP analysis flagged muted gold declines despite the Fed’s September 25-bp hike, with spot near USD 4,150 per oz.
• US 10-year yields hit 5.30%; 10-year TIPS yields rose to just below 3%, yet gold-rate correlations weakened.
• Investor inflows rose in August and early September; UBP sees limited downside as the long-end rate move nears completion.
• Central bank buying stayed supportive, led by China; a World Gold Council survey showed 45% expect to raise holdings.
• Key upside risk seen in a revaluation of US Treasury gold holdings of just over 8,000 tons, reviving a USD debasement trade.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Union Bancaire Privee UBP SA published the original content used to generate this news brief on October 14, 2026, and is solely responsible for the information contained therein.