Spot gold rises over 2% intraday to $4,145.01/oz

Gold's sharp intraday move is notable less for the headline level than for the speed of the repricing, which suggests a single catalyst or a thin-liquidity squeeze rather than a gradual shift in positioning. The move lands on a metal that has become a benchmark for the same macro and debasement trades that sit alongside tokenized gold and other RWA products, so the read-through reaches beyond the futures tape. Whether this holds through the close or fades as quickly as it appeared is the open question worth watching.