What moves gold (XAU/USD)
The forces behind the XAU/USD price.
US real yields
When inflation-adjusted yields rise, non-yielding gold gets less attractive — watch the 10y TIPS.
US Dollar (DXY)
Gold is priced in dollars — a softer DXY usually lifts XAU/USD, a stronger one caps it.
Fed & rate path
Dovish surprises and rate cuts are fuel for gold; hawkish holds do the opposite.
Central-bank demand
Sustained official-sector buying has put a structural floor under the price.
ETF & COT flows
Fund positioning and ETF holdings show whether the trend has real money behind it.
Session & liquidity
The London–New York overlap is where trends and breakouts get their volume.
Common questions
Why does the dollar matter?
Gold is priced in dollars, so dollar moves flow straight into XAU/USD.
What should I watch?
Rates, the dollar, and the London–NY session for the cleanest moves.
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