Dollar softness and steadier real yields are keeping dip buyers active. Gold remains expensive, but not euphoric.
Chart range4329 - 4534
Aug 16
4377
Aug 17
4408
Aug 18
4398
Aug 19
4354
Aug 20
4489
Aug 21
4530
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.