Sterling gold remains resilient, with physical buying adding support whenever the market backs off headline highs.
Chart range2921 - 3484
May 5
3382
Jun 10
3117
Jul 15
3031
Aug 20
3290
Sep 25
3215
Oct 30
2921
Supporting drivers
EUR / USD
1.1172
FX translation changes what non-USD investors actually pay for gold, even when XAU/USD is steady.
U.S. 10Y
4.94%
Nominal Treasury yields frame the opportunity cost of holding non-yielding bullion.
10Y real yield
2.60%
Inflation-adjusted rates are one of the clearest macro pressure points for gold demand.