Gold’s Bull Run Intact: Safe-Haven Bids Overpower Treasury Yield Pressure

Gold recovered more than $40 after a minor sell-off. Having reached an intraday high of $4399, it is now at $4397.26.

Driven mostly by poor U.S. employment data—such as July's 23,000 payroll decrease—which lowered projections for near-term Fed rate rises—gold is moving above $4,400/oz despite rising long-term Treasury yields. Strong safe-haven demand resulting from U.S.–Iran geopolitical tensions, solid Q2 2026 central bank purchases (288.9 tonnes), and technical purchasing following the breaching of its 100-day moving average are now outweighing economic headwinds such a higher nominal 10-year yield (4.71%). Though this structural and defensive buying helps gold to keep its bullish momentum above $4,400, the rise is still at risk of reversing should future inflation statistics cause a dramatic, simultaneous increase in real yields and the U.S. dollar.

 Near -term support -$4000.  Major bearishness below $4300. Any violation below $4300 targets $4235/$4215/$4200/$4156/$4080/$4000. Near-term resistance - $4450/$4500/$4595/$4700.

 It is good to buy on dips around $4348-50 with SL around $4300 for a TP of $4500.