The 4 things that actually move gold
1. Real yields
Gold pays no interest. When real yields (10Y Treasury minus inflation expectations) rise, gold gets relatively more expensive to hold — gold falls. When real yields fall negative, gold rallies.
2. USD strength
Gold is priced in USD globally. A weaker dollar makes gold cheaper for non-USD buyers, increasing demand. Watch DXY (dollar index) inversely against gold.
3. Geopolitical risk
Wars, sanctions, election risk — when uncertainty rises, gold catches a bid as a hedge. Sharp spike events (Russia 2022, Israel 2023, Iran 2024) all produced multi-week rallies.
4. Central bank flows
Since 2022, central banks (China, Russia, India, Turkey) have been net buyers of gold to diversify reserves away from USD. Quarterly WGC reports show the pace.
Trade gold smartly
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