Gold — the world’s go-to safe haven — just lost its shine.
After a solid run, spot gold slipped below $2,330 per ounce, weighed down by a stronger U.S. dollar and rising Treasury yields.
Traders are now asking: has the golden rally run out of fuel?
Yields up, gold down
As U.S. bond yields climbed, the appeal of non-yielding gold faded fast.
The 10-year Treasury rose as investors dialed back expectations for near-term Fed cuts.
Meanwhile, the U.S. Dollar Index gained ground — pushing gold lower by making it pricier for foreign buyers.
Caution creeps into markets
Across equities, volatility is back. Traders are juggling soft labor data, cooling AI momentum, and a fragile global mood.
Gold’s break below its 20-day moving average flipped short-term sentiment bearish.
Analysts warn that if prices stay under $2,320, the next stop could be $2,280 — a key support zone.
Big picture still bullish
Zoom out, though, and the gold story remains strong.
Weak global growth, geopolitical tensions, and potential Fed rate cuts in 2025 still anchor long-term demand.
ETF flows show that institutions aren’t giving up — gold remains a core hedge in uncertain times.
What’s next?
Eyes are on upcoming inflation data and Fed remarks.
If yields ease and the dollar cools, gold could rebound toward $2,360–$2,380.
But if macro data stays firm, bears might stay in control a little longer.
Bottom line
Gold is stuck between macro pressure and long-term optimism.
Right now, momentum tilts bearish — but one surprise data point could turn the tide fast.