Gold swings 2.8% in two sessions as yields, not safe-haven demand, drive price

Spot gold fell 1.2% to $4,026.49 on July 28, 2026, per Reuters, then COMEX gold settled 1.6% higher at $4,061.10 on July 29. The reversal tracked Treasury yields (the return on government debt), not safe-haven demand. With the dollar firming ahead of the Fed's upcoming policy meeting, gold offers little diversification when yields and the dollar rise together.