Dollar softness and steadier real yields are keeping dip buyers active. Gold remains expensive, but not euphoric.
Chart range3994 - 5314
Feb 23
5191
Mar 30
4529
May 6
4707
Jun 11
4075
Jul 15
4062
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.