Gold shrugged off the first rates-and-dollar shock. It hasn’t shrugged off the second. Official demand may underpin the long-term bull case—but who supports the price if fast money leaves now?

#Gold’s# yield sensitivity is weakening, FTSE Russell says. Indrani De, Head of Global Investment Research at @FTSERussell, says central-bank buying in the past two to three years is more than twice the level from 2010 to 2021.

Gold’s long-term case rests more on U.S. fiscal credibility than another quarter-point Fed hike, said Jeff Sarti, CEO of Morton Wealth. He views #gold# as insurance against fiscal and currency risks, rather than a substitute for a Treasury’s yield.

Gold's morning rise of over $100 is a clear no-confidence vote in the Fed's 25 basis point rate hike. Investors would rather own gold with no yield than 10-year Treasuries with a 5% yield, as that is not nearly enough to offset the purchasing power that will be lost to inflation.

Gold's record prices are reshaping demand as investors replace jewelry buyers - Metals Focus (Kitco News) - Investment demand has been a critical pillar of support for #gold# in recent years and, while the unsustainable rise in global sovereign debt remains a key driver in the precious metal's long-term uptrend, one research firm is warning investors to keep an eye on another pillar that has weakened. In a recent report, analysts at Metals Focus warned that record-high gold prices are taking a significant toll on global jewelry demand, with consumption expected to fall to its lowest level since the pandemic. The firm forecasts 2026 consumption more than one-third below 2023, with jewelry losing its position as gold's largest demand component to bar and coin investment... Full story at Kitco