Dollar softness and steadier real yields are keeping dip buyers active. Gold remains expensive, but not euphoric.
Chart range4075 - 4546
May 22
4506
May 29
4546
Jun 4
4497
Jun 9
4328
Jun 15
4355
Jun 19
4151
Supporting drivers
EUR / USD
1.1467
FX translation changes what non-USD investors actually pay for gold, even when XAU/USD is steady.
U.S. 10Y
4.46%
Nominal Treasury yields frame the opportunity cost of holding non-yielding bullion.
10Y real yield
2.21%
Inflation-adjusted rates are one of the clearest macro pressure points for gold demand.