Gold holding up

Gold kept most of its footing this week even as United States Treasury yields stayed elevated and bond markets swung sharply. (money.usnews.com, kitco.com) The benchmark 10-year Treasury yield finished April 10 at 4.31%, while the 30-year yield ended at 4.91%, according to Advisor Perspectives’ Treasury snapshot. Reuters reported the 10-year yield traded in a 56-basis-point range in March, the widest since April 2025. (advisorperspectives.com, money.usnews.com) Gold was about $4,760 to $4,775 an ounce on April 10, with Kitco showing spot gold near $4,759.86 late in the session and MacroMicro listing the London Bullion Market Association afternoon price at $4,773.75. Reuters said gold was steady on April 10 and headed for a weekly gain as traders weighed the durability of the United States-Iran truce. (kitco.com, en.macromicro.me, msn.com) That mix is unusual because higher bond yields usually make gold less attractive: Treasuries pay interest, bullion does not. This month, investors have kept paying for gold anyway as war risk, oil-price shocks and inflation fears pushed money toward assets seen as stores of value. (money.usnews.com, gold.org) The World Gold Council said gold logged more than 50 record highs in 2025 and returned more than 60% that year. In its 2026 outlook, the group said investors and central banks increased allocations to gold for diversification and stability amid geopolitical and economic uncertainty. (gold.org) The same trade showed up in physical demand. World Gold Council data published January 29 said total gold demand in 2025 topped 5,000 tonnes for the first time, global gold exchange-traded fund holdings grew by 801 tonnes, and bar-and-coin buying hit a 12-year high. (gold.org) Central banks remained a major buyer even after easing off the record pace of prior years. The World Gold Council said official-sector purchases reached 863 tonnes in 2025, with Poland adding 102 tonnes, keeping official demand well above the 2010-to-2021 annual average of 473 tonnes. (gold.org) Bond investors are reading the same backdrop differently. In Reuters’ April 7 to April 9 poll, strategists lifted yield forecasts after oil surged nearly 65% at its peak since the war began, though they still saw the 10-year yield near 4.26% in three and six months. (money.usnews.com) That leaves gold trading less like a simple inflation hedge and more like insurance against a wider list of shocks. As long as yields stay high and conflict risk stays unresolved, the metal’s resilience is likely to remain part of the market’s message. (gold.org, money.usnews.com)