Macro Rate Headwinds

Rising real yields in the US continue to provide resistance for gold. As markets price in potential rate hikes to combat persistent energy-driven inflation, the non-yielding metal faces competition from fixed-income assets, capping immediate breakout potential.

Central Bank Floor

Despite technical corrections, central bank accumulation remains robust. Analysts suggest that official buyers are defending the $4,500 level, viewing the current energy shock as a long-term threat to global currency stability.