Dollar softness and steadier real yields are keeping dip buyers active. Gold remains expensive, but not euphoric.
Chart range3334 - 5405
Aug 22
3334
Nov 3
4025
Jan 16
4611
Mar 27
4504
Jun 10
4171
Aug 19
4461
Supporting drivers
EUR / USD
1.1681
FX translation changes what non-USD investors actually pay for gold, even when XAU/USD is steady.
U.S. 10Y
4.69%
Nominal Treasury yields frame the opportunity cost of holding non-yielding bullion.
10Y real yield
2.35%
Inflation-adjusted rates are one of the clearest macro pressure points for gold demand.