Gold has fallen below $4,000 for the first time in seven months. On Binance, the TradFi perpetual
$XAU , which tracks spot gold prices, hit a 24-hour low of 3,985 and is now around 4,004.
The strange part isn’t the break below $4,000, but that it “didn’t rise when it should have.” Around Oct. 22 Beijing time, the Nasdaq plunged amid fears over Meta’s AI spending, while Treasury yields were also falling—a textbook combination that should have boosted gold. Instead, gold was sold off along with everything else. There are two explanations that can be backed up: rising oil prices have revived rate-hike expectations; or investors needing to top up margin on risk assets sold gold first because they treat it as a source of cash.
The Binance XAUUSDT perpetual had about $1.73 billion in 24-hour trading volume (this is a commodity perpetual, not tokenized gold). I lean toward a liquidity-driven sell-off. What would change my mind: the FOMC sends a clear signal of a rate hike next week (Oct. 28), or gold quickly climbs back above 4,100, proving that this break below $4,000 was just collateral damage.
#黄金 #TradFi $XAU