Gold price pulls back to $4,103 as the 10-year and a priced December hike cap the metals

Gold was changing hands near $4,103 in Thursday trading, down 1.13% on the session, and silver eased to ~$56.28, off 2.48%, as a ~5.1% 10-year Treasury and a December rate hike that is roughly 90%-plus priced put the rate path back on top of the metals trade. The August-September rally has stalled on the yield side of the ledger, not on demand. Central-bank accumulation in Poland and China continues to underpin a floor, and that structural bid is the reason the pullback reads as a consolidation rather than a reversal.

Key Takeaways Gold (GC=F) traded near $4,103, down 1.13%, consolidating inside a ~$4,060-$4,227 range. Silver (SI=F) eased to ~$56.28, down 2.48%, with the gold/silver ratio nea…