Gold

Key insight

$4,485 clears prior all-time high zone — momentum favors $4,600 next, but USD/JPY at 155.7 and a softer DXY are the sole near-term engine; a dollar reversal is the fastest path to a pullback.

Surges 2.22% to $4,485 — USD/JPY collapses 1.9% to 155.7, boosting gold's inverse-dollar bid while real yields stay suppressed and central bank demand remains structurally elevated.

Main risk

USD/JPY reversal compressing gold bid

USD/JPY -1.9% today is the primary gold tailwind; a snap-back toward 158+ would drain the safe-haven bid and pressure gold back below $4,400.