[Saxo Bank: Gold prices are gradually decoupling from interest rates, and gold ETF holdings have risen to the highest level in seven months] September 23rd, gold usually performs weakly during interest rate hike cycles, but Ole Hansen, head of commodity strategy at Saxo Bank, said that this traditional relationship may be changing. Hansen pointed out that although the ten-year U.S. Treasury yield recently exceeded 5% and reached the highest level in 20 years, gold ETF holdings are still rising, climbing to the highest level in seven months. This suggests that market concerns about U.S. finances are changing the relationship between bond yields and gold prices, with the two becoming increasingly disconnected. The current surge in yields is mainly due to high U.S. inflation and another surge in long-term government bond yields. However, supported by investor demand for gold, this did not trigger a new round of ETF selling, but instead showed resilience. Therefore, this time it is not only gold prices that are decoupling from yields, but ETF holdings are also showing signs of decoupling.