Dual Drivers
Correlation is regime-dependent. Geopolitical and fiscal dominance can override short-term real rate moves, especially when central banks are net buyers.
Why gold rallied even as real yields rose briefly — safe-haven flows vs opportunity cost dynamics.
Correlation is regime-dependent. Geopolitical and fiscal dominance can override short-term real rate moves, especially when central banks are net buyers.
Examining gold's real return profile against CPI, PPI, and housing inflation over the past five years.
April CPI surprised to the upside, moving real yields and gold spot within minutes of the release.
Double-digit food inflation in several EM economies reinforced household gold savings behavior.