The performance of US bonds and the strengthening of the US Dollar have been the causes of the sharp decline in gold prices at the end of September. It is noted that gold on COMEX has fallen below US$ 1,900 per troy ounce, marking the lowest point in the past 6 months. Previously, the lowest drop occurred in March 2023 when gold reached a price of US$ 1,875 per troy ounce.

The decline in gold prices has led many to sell, in tandem with the rise in US bond yields. This has prompted investors to reallocate their investments. The correlation between rising bond yields and the US Dollar suggests an investment trend for some time ahead. The Federal Reserve itself is maintaining interest rates at the same level based on their most recent board meeting in mid-September.

Many analysts suggest that the strengthening of the US Dollar will persist and be challenging to undermine. However, the US government is still awaiting the release of the Personal Consumption Expenditures (PCE) index on Friday, September 29, 2023, local time. Currently, the US Department of Commerce has released a report indicating a 0.2% increase in demand for goods in the last month, totaling $284.7 billion.

In addition to the drop in gold prices, precious metals such as silver and platinum have also experienced declines. Silver prices have fallen by 2.03%, equivalent to 47.20 cents, and platinum has dropped by 1.96%, closing at $896.30 per troy ounce.

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