US 10-year real yields anchor gold: falling real yields reduce the opportunity cost of a non-yielding asset and support the gold price, while rising real yields pressure it.
The US dollar is the daily mechanic, since XAUUSD is dollars per ounce. Fed policy expectations, US CPI, FOMC and Non-Farm Payrolls reprice gold in seconds, while central bank reserve buying and ETF flows shape the multi-year trend. Geopolitical escalation lifts gold quickly and often fades.