World Gold Council says central-bank purchases and Asian investor demand are becoming increasingly important and may not move in step with US rates, the dollar or inflation. That does not imply real rates have lost influence; in the near term rising yields can still pressure gold. But if tight policy eventually triggers a growth shock, rising inflation or stress in part of the financial system, longer-term yields could fall and, combined with central-bank and Asian demand, provide support for go

World Gold Council says central-bank purchases and Asian investor demand are becoming increasingly important and may not move in step with US rates, the dollar or inflation. That does not imply real rates have lost influence; in the near term rising yields can still pressure gold. But if tight policy eventually triggers a growth shock, rising inflation or stress in part of the financial system, longer-term yields could fall and, combined with central-bank and Asian demand, provide support for gold — though not necessarily a repeat of 2025’s outsized gains.