Gold

Key insight

4,639 — gold extends its multi-year bull run with USD/JPY at 158.9 keeping yen weak and dollar elevated, yet gold rises anyway; real-yield pressure and central-bank demand underpin the bid above $4,600.

4,639 holds above key $4,600 round-number support; gold outperforms silver and oil today, signalling safe-haven bid dominates amid a risk-off Nasdaq dip of -0.3%.

Main risk

USD strength / real yield spike

Break above 159.5 USD/JPY with 10-year real yields rising could pressure gold back below $4,600 round support.