The 4 things that actually move सोना
1. Real yields
सोना pays no interest. कब real yields (10Y Treasury minus inflation expectations) rise, सोना gets relatively more expensive to hold — सोना falls. कब real yields fall negative, सोना rallies.
2. USD strength
सोना is priced in USD globally. A weaker dollar makes सोना cheaper for non-USD buyers, increasing demand. Watch DXY (dollar index) inversely against सोना.
3. Geopolitical risk
Wars, sanctions, election risk — when uncertainty rises, सोना catches a bid as a hedge. Sharp spike events (Russia 2022, Israel 2023, Iran 2024) all produced multi-week rallies.
4. Central bank flows
Since 2022, central banks (China, Russia, India, Turkey) have been net buyers of सोना to diversify reserves away from USD. Quarterly WGC reports show the pace.
ट्रेड सोना smartly
सोना spreads vary wildly by broker — some quote 30c, some 80c. ShaFX has a dedicated XAUUSD calculator (/tools/xauusd-calculator) and broker comparison filtered for सोना-friendly accounts.