Can gold buck the trends of rising yields and dollar strength?

In the short term it is often hard for the price of gold to decouple from movements in US bond and currency markets – as the initially negative reaction to today’s strong US payrolls report has once again shown. Nonetheless, other factors can be more important over longer horizons. What’s more, even over briefer periods, safe-haven demand and buying from key emerging markets can more than offset headwinds from developments in the US.