- Gold prices extended recent gains amid strong investor demand.
- The prospect of further stimulus to combat the pandemic's economic fallout is bolstering sentiment; while increased geopolitical tensions have supported safe haven demand.
- The collapse in real yields continues to bolster investor appetite for the precious metal.
- The real yields on 10y US Treasuries have collapsed
Nothing new here of course, but a useful reminder.
And more than that, yields are a key to watch for the gold outlook, should they rise or show reasons to rise that will be a factor reducing the demand for gold. not yet though.