The latest Kitco News survey captures a shifting sentiment on Wall Street, where a bearish majority has emerged for the first time in months. Main Street sentiment is similarly cooling, with retail traders abandoning the bullish bias held since July. Despite Friday’s data showing the U.S. economy added just 29,000 jobs—a figure that typically bolsters non-yielding assets like gold—the metal surrendered its early gains to close near session lows at $4,140.52 per ounce.

Market participants are pointing to a confluence of headwinds, primarily the aggressive sell-off in government bonds and the resulting climb in yields. Daniel Pavilonis of StoneX Group noted that the government’s plan to release strategic petroleum reserves likely served as a broader catalyst for market-wide selling, dragging commodities down alongside gold. Meanwhile, analysts like Alex Kuptsikevich of FxPro warn that investors may be abandoning gold in favor of bonds, drawing uncomfortable parallels to the market environment of 2011.

While some experts maintain that October’s historical seasonal strength could provide a floor for prices, the conviction behind such rallies is waning. With a light economic calendar ahead, focus turns to the minutes from the Federal Reserve’s September meeting and ISM Services data. Traders remain on edge, waiting to see if the metal can find a stable support level or if the current lack of follow-through signals a deeper trend reversal.