Seasonality factors also play into the gold price forecast near term, with stronger demand historically in Q3 from jewelry markets in India ahead of festive season buying. $2,310 remains a key pivot level for short-term traders. After breaking out from a four-month consolidation period in early September, the price of gold has continued to trend strongly higher in recent weeks. Treasury yields were mixed, with the 10-year at 4.143% and the 2-year down to 3.619%. Historically, full shutdowns have provided modest support for Treasurys and had mixed impact on risk assets. Macro hedge funds are increasingly using gold as a currency-hedge tool, especially against the Japanese yen volatility, which is indirectly influencing a steady upward trend in the gold price forecast near term.
