Dollar softness and steadier real yields are keeping dip buyers active. Gold remains expensive, but not euphoric.
Chart range1634 - 5064
May 1
1887
May 1
1848
May 1
1970
Apr 1
2334
Apr 1
3302
Apr 1
4611
Supporting drivers
EUR / USD
1.1702
FX translation changes what non-USD investors actually pay for gold, even when XAU/USD is steady.
U.S. 10Y
4.40%
Nominal Treasury yields frame the opportunity cost of holding non-yielding bullion.
10Y real yield
1.94%
Inflation-adjusted rates are one of the clearest macro pressure points for gold demand.