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#GoldVsHighRates Gold is refusing to behave like a high-rate asset should 👀 Gold still sits near $4,339 despite rate hikes, high real yields and a strong dollar. Meanwhile, ETF holdings hit a record and China imported 1,000+ tonnes in eight months. What caught my attention is who's buying. Central banks and wealthy investors appear willing to look past short-term rates. If that demand persists, gold's bigger driver may be shifting from monetary policy to structural allocation.