Dollar softness and steadier real yields are keeping dip buyers active. Gold remains expensive, but not euphoric.
Chart range4075 - 5405
Dec 22
4422
Jan 30
4982
Mar 5
5104
Apr 10
4774
May 15
4528
Jun 19
4151
Supporting drivers
EUR / USD
1.1467
FX translation changes what non-USD investors actually pay for gold, even when XAU/USD is steady.
U.S. 10Y
4.46%
Nominal Treasury yields frame the opportunity cost of holding non-yielding bullion.
10Y real yield
2.21%
Inflation-adjusted rates are one of the clearest macro pressure points for gold demand.