Dollar softness and steadier real yields are keeping dip buyers active. Gold remains expensive, but not euphoric.
Chart range3994 - 4164
Jul 2
4129
Jul 8
4066
Jul 14
4076
Jul 20
4004
Jul 24
4067
Jul 30
4111
Supporting drivers
EUR / USD
1.1485
FX translation changes what non-USD investors actually pay for gold, even when XAU/USD is steady.
U.S. 10Y
4.75%
Nominal Treasury yields frame the opportunity cost of holding non-yielding bullion.
10Y real yield
2.47%
Inflation-adjusted rates are one of the clearest macro pressure points for gold demand.