Gold Rally Faces a Key Test as Yields and Oil Decline Gold’s recent rally may be showing signs of short-term exhaustion after the metal failed to rise meaningfully despite weaker oil prices and

falling Treasury yields. Gold is testing its 100-day moving average following weaker-than-expected US retail sales, but its price performance has been less convincing than the broader macro environment would suggest. Earlier in August, gold had largely moved in tandem with lower yields and softer oil as markets priced a more dovish Federal Reserve outlook. Thursday marked a notable change in that relationship, with gold falling 1.3%, Treasury yields dropping 5 basis points and oil declining about $2 a

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