Gold slides as safe-haven demand shifts to US Treasuries despite lower yields

Gold prices declined as investors reportedly rotated safe-haven demand toward US Treasuries, even though Treasury yields moved lower, a combination that runs against the usual pattern in which falling yields support non-yielding bullion. The divergence points to a transmission channel centered on relative safety and liquidity preferences rather than the opportunity-cost mechanism that typically drives gold, with capital favoring the depth and settlement certainty of the Treasury market over the physical metal. Gold is the most directly exposed asset, since its haven premium is being unwound while its real-yield tailwind is not being realized. Traders should watch the next US Consumer Price Index release and any shift in Federal Reserve rate-path expectations, as a hotter inflation print could reprice real yields and test whether the rotation into Treasuries persists.

Gold (XAU/USD) is a safe-haven asset and inflation hedge. Major drivers include Fed policy (real yields), central bank buying (PBOC, RBI), ETF flows, and geopolitical risk. Gold often moves inversely to DXY and real US yields.

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