Dollar softness and steadier real yields are keeping dip buyers active. Gold remains expensive, but not euphoric.
Chart range4419 - 4743
May 5
4577
May 8
4741
May 14
4683
May 19
4497
May 26
4516
May 29
4546
Supporting drivers
EUR / USD
1.1646
FX translation changes what non-USD investors actually pay for gold, even when XAU/USD is steady.
U.S. 10Y
4.45%
Nominal Treasury yields frame the opportunity cost of holding non-yielding bullion.
10Y real yield
2.07%
Inflation-adjusted rates are one of the clearest macro pressure points for gold demand.