Sterling gold remains resilient, with physical buying adding support whenever the market backs off headline highs.
Chart range2384 - 3970
Apr 28
2471
Jul 9
2430
Sep 18
2676
Nov 26
3138
Feb 11
3712
Apr 24
3492
Supporting drivers
EUR / USD
1.1712
FX translation changes what non-USD investors actually pay for gold, even when XAU/USD is steady.
U.S. 10Y
4.31%
Nominal Treasury yields frame the opportunity cost of holding non-yielding bullion.
10Y real yield
1.89%
Inflation-adjusted rates are one of the clearest macro pressure points for gold demand.