Nasdaq, Gold and Bitcoin Climb Together as Falling Yields Revive the ‘Lower-for-Longer’ Trade

On September 3, U.S. markets saw stocks, gold, and Bitcoin rise in tandem as investors reacted to softer Treasury yields and comments from Federal Reserve Governor Christopher Waller that were interpreted as friendly to a rate pause. Short‑dated yields, including the 2‑year note, edged lower by a few basis points, while long‑term yields also pulled back, helping fuel gains in tech-heavy benchmarks like the Nasdaq.

Spot gold rebounded toward the $4,480 per ounce area, recovering from the previous session’s drop. Because gold doesn’t pay interest, it tends to look more attractive when real and nominal yields fall. Bitcoin also climbed roughly 5%, a move many traders linked to renewed “dollar debasement” positioning — viewing the token as a kind of digital gold when confidence in future purchasing power of fiat money wavers.

Investors are now focused on whether the Federal Open Market Committee will skip a rate hike at its mid‑September meeting. Upcoming data, particularly the U.S. jobs report and other activity gauges, will likely determine whether this mini‑rally in equities, crypto assets, and precious metals has legs or proves to be just another short‑covering bounce.