Gold price action has nudged slightly higher since last week’s selloff
Gold volatility looks largely driven by recent swings in real yields
Long-term trend support seems to have provided some buoyancy
Gold price action has stabilized since last week’s sharp selloff. The precious metal sank nearly 7% from its year-to-date high of $1,963 and invalidated its breakout above $1,900. Surging Treasury yields, and corresponding US Dollar strength, stand out as the primary driver of recent gold volatility.
