Dollar softness and steadier real yields are keeping dip buyers active. Gold remains expensive, but not euphoric.
Chart range3994 - 4777
Apr 21
4777
May 28
4419
Jul 2
4129
Aug 7
4336
Sep 14
4267
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.