Dollar softness and steadier real yields are keeping dip buyers active. Gold remains expensive, but not euphoric.
Chart range3951 - 5405
Nov 3
4025
Dec 5
4243
Jan 15
4611
Feb 19
5005
Mar 25
4565
Apr 30
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.