Gold: Risk-off flows support fresh gains – Deutsche Bank

Deutsche Bank's analysis, as reported by FXStreet, attributes recent gains in gold to risk-off flows pushing investors toward defensive assets. The transmission mechanism runs through risk appetite: when equity volatility rises and capital rotates out of growth and credit exposure, demand for non-yielding havens such as bullion tends to increase, with gold also benefiting from its role as a store of value during uncertainty. Gold is the most directly exposed asset in this framing, and its sensitivity to real yields means the move is sustained only if falling or stable real rates keep the opportunity cost of holding the metal low. Traders should watch the next US consumer price index release and Federal Reserve rate-expectation shifts, since a hotter inflation print that lifts real yields would test whether the safe-haven bid can hold against rising carry costs.

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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