Gold

Key insight

4,295 consolidates a multi-week run; Silver +1.3% confirms broad metals bid. Hold above 4,250 targets 4,350 round number next; a weekly close above that opens 4,500.

4,295 holds above the 4,250 breakout shelf — USD/JPY sliding 1.0% to 157.3 and real yields under pressure keep the bull trend intact heading into quarter-end.

Main risk

USD/JPY reversal — BoJ pivot risk

USD/JPY -1.0% to 157.3 boosts gold now, but a BoJ pivot stalling could sharply reverse yen gains and lift the dollar, pressuring gold below 4,250.