Gold is ignoring real yields again — central-bank buying is the bid

The classic inverse relationship between gold and US real yields has been weaker than usual. Official-sector purchases and geopolitical hedging appear to be doing the heavy lifting.

That makes gold less sensitive to rate expectations — until it isn't. If central-bank demand slows, the old relationship could reassert itself quickly.

For SA traders: a firm gold price plus a weak rand has historically been a tailwind for local gold miners, but operational and electricity risks matter a lot at the company level.