Gold

Key insight

$4,651 sets a fresh all-time high — next magnet is $4,700 round number. Dips to $4,580 (prior breakout shelf) offer reload entries while BTC +1.6% confirms broad safe-haven/risk-on bid.

Breaks above $4,600 round number with +1.04% gain; real yields suppressed, USD index soft, and central bank buying structurally underpins the trend above the 50-day MA near $4,420.

Main risk

USD Reversal / Real Yield Spike

Surprise hawkish Fed signal could lift 10-yr real yield above 2%, strengthening DXY and capping gold below $4,600 pivot.