Dollar softness and steadier real yields are keeping dip buyers active. Gold remains expensive, but not euphoric.
Chart range4145 - 4467
Sep 1
4353
Sep 7
4403
Sep 11
4386
Sep 17
4368
Sep 23
4284
Sep 29
4163
Supporting drivers
EUR / USD
1.1355
FX translation changes what non-USD investors actually pay for gold, even when XAU/USD is steady.
U.S. 10Y
5.26%
Nominal Treasury yields frame the opportunity cost of holding non-yielding bullion.
10Y real yield
2.91%
Inflation-adjusted rates are one of the clearest macro pressure points for gold demand.