Metals & macro
What moves the gold price
Gold doesn’t trade in a vacuum — the US dollar and Treasury yields push it around more than anything else. Here’s where bullion settled overnight and where its two big levers stand, every weekday morning before the bell — Friday, June 19, 2026. These describe where each market is, not where it is going.
Gold & silver
Bullion trades nearly around the clock, so by the US pre-market the metals have already absorbed a full night of moves across Asia and Europe. Where they settled overnight is the starting point for the morning — and the two drivers below are most of why.
Gold GC=F
Trading below both its 50-day ($4,545.92) and 200-day ($4,439.32) averages — the longer-term trend reads as down.
30-day range $4,090.30–$4,720.40; currently in the lower third of that range. RSI(14) 34 — momentum weak.
Silver SI=F
Trading below both its 50-day ($75.03) and 200-day ($67.89) averages — the longer-term trend reads as down.
30-day range $63.88–$88.89; currently in the lower third of that range. RSI(14) 30 — momentum weak.
The US dollar
Gold is priced in dollars the world over, so the dollar is its single biggest day-to-day lever: a stronger dollar makes gold costlier for everyone else and usually weighs on it, a weaker dollar tends to lift it. The US Dollar Index (DXY) measures the dollar against a basket of major currencies.
US Dollar Index DX-Y.NYB
Trading above both its 50-day (98.92) and 200-day (98.68) averages — the longer-term trend reads as up.
30-day range 97.84–100.85; currently in the upper third of that range. RSI(14) 79 — traditionally described as overbought.
Treasury yields
Gold pays no interest, so when government bonds yield more, the opportunity cost of holding metal rises — a headwind; when yields fall, gold often firms. Gold tracks real (inflation-adjusted) yields most closely. Yields are quoted as a rate; the day-over-day move is shown in basis points (1bp = 0.01%).
5-Year Treasury ^FVX
Trading above both its 50-day (4.08%) and 200-day (3.81%) averages — the longer-term trend reads as up.
30-day range 4.00%–4.33%; currently in the middle third of that range. RSI(14) 45 — momentum roughly neutral.
10-Year Treasury ^TNX
Trading above both its 50-day (4.42%) and 200-day (4.21%) averages — the longer-term trend reads as up.
30-day range 4.36%–4.67%; currently in the middle third of that range. RSI(14) 41 — momentum weak.
30-Year Treasury ^TYX
Between its 50-day (4.98%) and 200-day (4.82%) averages — a trend in transition.
30-day range 4.94%–5.18%; currently in the lower third of that range. RSI(14) 36 — momentum weak.