Gold has been a major casualty of weak bond markets in 2026, although judging its ~30% correction from early 2026 highs is misleading, considering the panic gold frenzy buying we saw in January. The US 10-year yield has surged from 4.2% to test 5.4% in 2026, weighing non-interest-bearing assets like gold, which needs to advance more than 5% just to keep up!
- We like the risk/reward towards gold around US$4000 support, but there are no buy triggers in play yet.
MM is bullish toward gold around US$4100
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