Weekly Markets Monitor - Leveraged repricers
2 November, 2026
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Highlights
- Last week saw a mix of monetary policy, political developments and economic updates alongside simmering geopolitical tensions. The Fed, ECB and BoJ kept rates unchanged. Elections in Brazil and Israel were in focus. Economic data pointed to resilient Q3 activity in the US and Europe, while inflation stayed elevated in Japan. China’s industrial profits strengthened in September, while the Fifth Plenum concluded without new stimulus measures.
- Major global equity markets ended the week mixed, while benchmark US Treasury yields fell, oil prices rose, and the US dollar index remained broadly stable.
- Gold’s recent weakness increasingly reflects a repricing of the Fed’s expected rate path since the October meeting, alongside some rotation back into more attractive bonds (C.O.T.W). Selling appears driven by leveraged investors, as US gold ETF flows have been fairly benign. COMEX futures, hitherto less reliable bellwethers of price, may have had a stronger hand in recent weeks: Managed Money positions have fallen ~11t since mid-October, while Other Reportable, Non-Reportable and Spreading positions have dropped ~70t. For now, gold faces softer demand from US investors, even as stickier ETF holders are more positive. This could pressure gold lower until an attractive floor is reached – the focus of our upcoming Gold Market Commentary (Wed 4 Nov).
Chart of the week: Leveraged repricers
*30-minute tick data as of 2 November 2026.
Sources: Bloomberg, World Gold Council.
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