Gold surges 3% as Fed’s Waller signals rate-hold support

Waller's explicit link between easing inflation and a steady policy stance is the key signal here, as it directly feeds into real-rate expectations that drive non-yielding assets like gold. The simultaneous fall in Treasury yields suggests the market is pricing a less aggressive Fed, which could sustain momentum in precious metals if the data continues to cooperate. The open question is whether upcoming inflation prints validate this dovish tilt, as any hawkish surprise would likely reverse the relief seen across metals and bonds.