Gold has come under pressure in recent sessions, with energy costs standing out as a factor that deserves separate attention.

ZFX noted that an analysis published by Heraeus on October 5 stated gold fell below the $4,250 per ounce zone that had repeatedly provided support, then traded around the $4,100 to $4,200 range.

At the same time, higher bond yields and U.S. dollar movements combined to limit buying interest, and the shift in technical levels reflected an accumulation of multiple pressures.

Brent crude oil traded close to $100 per barrel for most of the previous week.

ZFX believes elevated energy prices could reinforce concerns that inflation will remain persistent, making it difficult for rate expectations to ease quickly.

The report mentioned that the 10-year real yield exceeded 2.9%.

Compared with nominal rates, this measure more directly shows the return comparison faced when holding non-yielding gold.

Gold is often discussed as a tool for protecting purchasing power, but rising costs are not a one-way positive for its short-term price.

If higher energy prices simultaneously push real interest rates higher or strengthen the dollar, the pressure from financial conditions may outweigh defensive demand.

A breakdown of technical support may also amplify short-term trading adjustments, but it cannot by itself prove that long-term demand has changed.

In addition, the direction of change in real interest rates is more helpful than their level at any single point in explaining the willingness to add new positions.

Looking ahead, energy and interest rates should be observed within the same framework.

ZFX analyzed that if oil prices retreat alongside a decline in real yields, the constraints on gold may ease; if both remain elevated, a price recovery will be more difficult.

The $4,000 area mentioned in the report is only an observation zone, and its role still needs to be tested by subsequent trading activity and price performance.