One of the most well-defined relationships between the gold price and other financial products has broken down over the last 24 months. Since around the year 2000, gold has exhibited a relatively strong inverse relationship with yields on the 10-year US Treasury note. This is to be expected as the non-yielding nature of bullion means that as the coupon paid on very low-risk US government debt rises, the opportunity cost of holding gold also rises, and the interest in buying falls. Thus far in 2024, bond yields have risen as a reaction to pared back expectations for interest rate cuts owing to stronger than expected ... (full story)