Gold performance continues to glisten. The precious metal has staged an impressive 12% rally over the last three weeks, which just catapulted XAU/USD to an all-time high above the $2,000-price level. This recent extension higher lifts gold price action to a 33% gain year-to-date.
The price of gold holds a strong inverse relationship with real yields, generally speaking, and underscores a primary driver of the yellow-metal’s broader direction. To that end, real yields have been crashing lower since August 2018, which just so happens to correspond with where gold prices bottomed two years ago.
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