DB-DBDaily Gold futures down ~百分之6, biggest drop in a decade-20251021

US equities were flat Tuesday, S&P ending the US session unchanged. US10yr yields down 2bps to 3.96%. Gold dropped 5.7% (front futures contract); largest one-day decline since 2013. That follows renewed optimism on China-US trade talks in recent days, and also comes after Australia and the US secured a rare earths agreement that could improve diversification in critical mineral supply chains.

Philly Fed non- - manufacturing down ~13pxs to - - 22.2 in October, weakest since June but well above levels seen post liberation day in April/May.

Canada headline CPI beat, up 0.1%mom in September, consensus at -0.1%mom.Core measures also stronger: median up 3.2%yoy, trimmed mean at 3.1% (consensus at 3.0% for both).