Spot gold (XAU/USD) is trading just under the psychological $5,000 mark, with the latest session closing around $4,987 per ounce, up more than 1% on the day and roughly 15% in 2026 alone. The structure is no longer a slow grind higher; the tape is showing an accelerated phase where every dip into the high $4,800s–low $4,900s is bought aggressively. Instead of deep corrections, the market is delivering shallow consolidations, and the zone around $4,900 has turned into the first real support band, indicating that recent highs are being absorbed rather than rejected. Macro Drivers: Real Yields, Fiscal Strain And The ... (full story)