Central banks bought at a record pace, real yields fell, the dollar stayed on the back foot, and the tape still spent August unwinding a January blow-off top.
C entral banks bought at a record pace, real yields fell, the dollar stayed on the back foot, and the tape still spent August unwinding a January blow-off top. Four different examiners are grading gold right now, and only one of them has been passing all year. Gold spot sits near 4,350 dollars an ounce, up roughly 27.8 percent year over year, after a violent round trip that took it from 2,384 in August 2024 to an all-time high of 5,589 on January 28, 2026 (intraday prints ran as high as 5,608), down to roughly 4,100 by late July, and back above 4,350 this month on a July jobs report that lost 23,000 payrolls against a forecast for 80,000 gains. The nominal chart looks unstable. It is not. Four separate pricing mechanisms are running underneath that one number, and this week's setup is a case study in what happens when they stop agreeing. Cross-Asset Dashboard · As of Au
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