Gold Blasts Past $4,600 — But Yields Are Still Near 19-Year Highs | Morning Market Recap
Gold pushed above $4,600 while the 30-year Treasury yield sits near 5.25% — a 19-year high zone. Those two things aren't supposed to happen together.
Spot gold traded around $4,635 Monday, its highest since May 15th. Gold pays no interest, so elevated yields usually work against it. But the dollar is pinned near multi-month lows, and the Treasury just said it will at least double long-dated bond buybacks to $4 billion per operation. Gold closed out the week up more than 5% as the dollar weakened.
Bitcoin is telling the same story — holding above $77,000 after a 21%+ weekly gain. Meanwhile Brent crude is down about 1.6% near $93 as traders position ahead of new U.S. sanctions on Iran. Another oil spike would feed inflation and keep yields sticky.
Wednesday morning brings July PCE inflation. That print decides whether gold faces renewed rate pressure or gets real confirmation on this breakout.
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