$XAUT The gold price is 4620 USD, slightly down 0.08% over 24 hours. Price action is being kept within the 4600–4680 range, with a high-low intraday spread of less than 80 USD. Neither bulls nor bears have gained traction.
The U.S. dollar index is still hovering around the 99 mark, and the 10-year Treasury yield is stuck at 4.667%. Real interest rates have not provided additional momentum; this week has largely gone sideways.
In July, the People’s Bank of China increased its holdings by another 20 tons, continuing a 21-month streak of adding. According to World Gold Council data, global central banks’ net gold purchases are up 62% year-on-year. Global gold ETFs saw net inflows of 46.7 tons last week—the largest single week in nearly ten months—with North American and European funds starting to come back.
This “patient money” from central banks has been acting as a backstop, and capital has also been flowing back from the West—both sides are working together. That keeps gold from falling too much. But the 4600 level has been grinding for almost two weeks; if gold really wants to push higher, it will likely need real interest rates to ease. Only after breaking and holding above the 4680 level can upside potential be meaningfully discussed. A move below 4600 would be when a catch-up selloff finally kicks in.
#央行长钱兜底 #黄金ETF回流 #Gold
The U.S. dollar index is still hovering around the 99 mark, and the 10-year Treasury yield is stuck at 4.667%. Real interest rates have not provided additional momentum; this week has largely gone sideways.
In July, the People’s Bank of China increased its holdings by another 20 tons, continuing a 21-month streak of adding. According to World Gold Council data, global central banks’ net gold purchases are up 62% year-on-year. Global gold ETFs saw net inflows of 46.7 tons last week—the largest single week in nearly ten months—with North American and European funds starting to come back.
This “patient money” from central banks has been acting as a backstop, and capital has also been flowing back from the West—both sides are working together. That keeps gold from falling too much. But the 4600 level has been grinding for almost two weeks; if gold really wants to push higher, it will likely need real interest rates to ease. Only after breaking and holding above the 4680 level can upside potential be meaningfully discussed. A move below 4600 would be when a catch-up selloff finally kicks in.
#央行长钱兜底 #黄金ETF回流 #Gold
