Gold

Key insight

4,286 consolidates beneath all-time-high territory; break above 4,350 resistance opens 4,500 psychological target. Dip-buyers active at 4,200 base; USD/JPY 156.1 limits downside on dollar strength.

4,286 holds above the 4,200 round-number base — trend intact, silver confirming at 63.4 (+0.7%), oil near $98 anchoring inflation risk premium that underpins gold demand.

Main risk

USD Rebound / Real Yield Spike

Snap USD rally above DXY 104 or 10-yr real yield above 2.5% could push gold back to 4,100 support swiftly.