Heard on the Street: When it comes to gold, real U.S. government bond yields are a more significant force on the price than geopolitical distress
Gold passed $1,600 per ounce in early Asian trading hours Wednesday, its highest price in nearly seven years. The rally, sparked by Iranian missile attacks on bases in Iraq where U.S. troops are stationed, is likely to be short-lived unless the conflict begins to affect expectations for the American economy.
Gold’s role as a haven in times of escalating conflict and stress is famous, but over the longer term it’s a poor predictor of the price of the precious metal. Instead, U.S. real yields—the yield of Treasury bonds after...
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