Gold is being pressured by rising rates, but the demand picture underneath the selloff remains unusually strong. There are two very different buyers to watch. Central banks remain net buyers. Their demand is relatively insensitive to interest rates because the objective is strategic reserve diversification. A higher Treasury yield does little to change that calculus. ETF investors are different. Gold ETFs are normally much more rate-sensitive. Higher real yields increase the opportunity cost of holding gold and typically weaken investment demand. Yet global gold ETFs have continued to attract substantial net inflows even as yields rise and gold prices fall. That is the more important signal. The current correction appears to be driven primarily by the macro rather than a collapse in gold demand. Central banks continue to provide structural demand, while rate-sensitive investors are still allocating capital despite a much less favorable yield environment. If yields continue higher, gold can remain under pressure in the near term. But if rates stabilize or reverse, gold enters that environment with underlying demand still intact. That makes this correction increasingly interesting: the price has weakened, while the buyer base has not. #Gold #InterestRates #centralbank