Gold spot slid 0.5% to $4,142 on Oct 19, 2026, after trading between $4,066 and $4,226 all month. Traders noted a slight bearish tilt even as oil prices dropped on Oct 18.
Meanwhile, President Trump’s decision to postpone sanctions on Russia kept oil flows stable, keeping crude prices high. The delay followed Russia’s limited support for Iran and its ongoing diesel supply amid a global crunch, giving U.S. policymakers 60 days to assess the impact.
Global gold ETF holdings rose to 101.19 million ounces, up 2.26% year‑to‑date, reflecting continued demand despite the price dip. A Mumbai jeweller said the decline hit his margins, as customers now weigh buying versus saving.
CFTC data showed money managers cut bullish gold bets by 3,741 lots to 111,079, the lowest in 18 weeks. Long‑only positions fell 1,705 lots, while short‑only positions surged 2,036 lots to 17,463, the highest in 12 weeks.
Against this backdrop, the U.S. dollar index edged up to 101.98, and two‑year Treasury yields rose to 4.78%. Fed officials hinted at pausing rate hikes, adding a layer of uncertainty to commodity pricing.
Gold traders will now focus on the next U.S. Treasury yield curve release, expected on Oct 26, to gauge whether the market will keep tilting toward risk‑off assets or return to a neutral stance.