Dollar softness and steadier real yields are keeping dip buyers active. Gold remains expensive, but not euphoric.
Chart range3013 - 5405
Mar 25
3025
Jun 9
3319
Aug 18
3332
Oct 27
3971
Jan 12
4613
Mar 23
4466
Supporting drivers
EUR / USD
1.1596
FX translation changes what non-USD investors actually pay for gold, even when XAU/USD is steady.
U.S. 10Y
4.34%
Nominal Treasury yields frame the opportunity cost of holding non-yielding bullion.
10Y real yield
2.01%
Inflation-adjusted rates are one of the clearest macro pressure points for gold demand.