Why Isn't Gold Rising Despite a Weaker Dollar?

Today's Macro Take A weaker dollar usually provides support for gold. But today's price action suggests that's no longer the primary driver. Instead, the market continues to price real yields as the dominant macro force. Despite a softer DXY, gold remained under pressure while U.S. real yields stayed elevated. At the same time, DeFi liquidity continued to contract and the VIX edged higher, reinforcing a broader risk-off and higher-for-longer macro environment. My takeaway: the current regime sti