Dollar softness and steadier real yields are keeping dip buyers active. Gold remains expensive, but not euphoric.
Chart range4353 - 4664
Aug 11
4383
Aug 17
4406
Aug 21
4582
Aug 27
4569
Sep 3
4467
Sep 9
4415
Supporting drivers
EUR / USD
1.1652
FX translation changes what non-USD investors actually pay for gold, even when XAU/USD is steady.
U.S. 10Y
4.83%
Nominal Treasury yields frame the opportunity cost of holding non-yielding bullion.
10Y real yield
2.46%
Inflation-adjusted rates are one of the clearest macro pressure points for gold demand.