Gold Fails to Break $4,200 as Treasury Yields Climb
Updated · 2026-10-03 12:11 · 4 sources cited
Gold prices dropped on Friday, failing to decisively break the $4,200 milestone. The precious metal is down nearly 1% as US Treasury yields climbed following a less-than-stellar US employment report, weighing on gold. [4]
On the macro side, Chicago Fed President Austan Goolsbee said the labor market is steady and that “the inflation side of the Fed’s job is more important.” [6] The significantly weaker-than-expected US employment report also weighed on the US Dollar, while NZD/USD advanced on Friday and traded around 0.5610 at the time of writing, up 0.12% on the day. [2]
On miners, Freeport’s Grasberg copper mill reached 67% after a mudslide, and the company expects near-full production by the end of next year. [1] The news concerns copper mining operations, not a gold miner.
On central bank gold buying, the evidence underlying this article does not provide relevant data, so it is not discussed further.
Sources
- [1] Freeport’s Grasberg copper mill reaches 67% after mudslide · 2026-10-03 03:07 · www.mining.com
- [2] New Zealand Dollar rebounds after sharp US employment disappointment · 2026-10-03 00:14 · www.fxstreet.com
- [4] Gold fails at $4,200 despite NFP miss as US yields climb · 2026-10-03 02:03 · www.fxstreet.com
- [6] Fed’s Goolsbee says inflation now outweighs labor concerns · 2026-10-03 01:48 · www.fxstreet.com