Gold Slips on Strong Dollar, High Yields

That backdrop is showing up in gold proxies. SPDR Gold Shares rose to $373.39 on July 21 after recovering from a steep late-June slide, but it remains below its 200-day moving average of $411.56, a sign the longer-term trend has not fully repaired. The ETF’s 50-day moving average at $393.65 still sits above the spot price, while RSI readings around 54 suggest momentum has normalized after earlier overbought conditions. VanEck Gold Miners ETF, meanwhile, climbed to $73.99, but it too trades below its 200-day average of $87.39, underscoring that miners have not yet confirmed a durable breakout.

The latest reversal follows a volatile run in gold. After surging earlier in the year, bullion lost altitude in March and June as markets reassessed the odds of faster policy easing and continued to price in resilient U.S. rates. Adalytica’s Gold Fear & Greed Index now shows sentiment at 85, or “Greed,” even as awareness remains in “Extreme Fear,” a split that often appears when traders are quick to re-enter a market but the broader public is still cautious.

For jewellers and consumers in Vietnam, the decline could support retail demand if buyers view the pullback as a better entry point. For investors, the risk is that any rebound in safe-haven demand will have to compete with a still-strong dollar, firm real yields and a market that has already priced in a fair amount of optimism around gold. Until those macro pressures ease, price swings in gram-based retail gold are likely to remain abrupt rather than orderly.