Dollar softness and steadier real yields are keeping dip buyers active. Gold remains expensive, but not euphoric.
Chart range3949 - 5405
Oct 21
4170
Jan 6
4490
Mar 17
5017
May 29
4546
Aug 7
4336
Oct 19
4148
Supporting drivers
EUR / USD
1.1215
FX translation changes what non-USD investors actually pay for gold, even when XAU/USD is steady.
U.S. 10Y
5.15%
Nominal Treasury yields frame the opportunity cost of holding non-yielding bullion.
10Y real yield
2.80%
Inflation-adjusted rates are one of the clearest macro pressure points for gold demand.