Gold rallies above $4,100 as NASDAQ 100 crashes, December hike bets fade

Gold rose above $4,100 an ounce while the NASDAQ 100 sold off sharply, and market pricing for a December Federal Reserve rate hike retreated. The move points to a rotation toward defensive, non-yielding stores of value as equity risk appetite deteriorated, with traders reassessing the path of policy tightening in a way that typically supports bullion. Gold benefits when expectations for real yields fall, since a diminished chance of further hikes lowers the opportunity cost of holding a non-interest-bearing asset, while the NASDAQ 100 is especially exposed because its heavy weighting toward long-duration growth equities makes it sensitive to both discount-rate shifts and sentiment reversals. Traders should watch the next US consumer price index release and Fed speaker commentary on inflation persistence, as a hotter reading could revive hike expectations and reverse the gold move, while a softer print would reinforce the case for lower real yields.

Gold (XAU/USD) is a safe-haven asset and inflation hedge. Major drivers include Fed policy (real yields), central bank buying (PBOC, RBI), ETF flows, and geopolitical risk. Gold often moves inversely to DXY and real US yields.

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