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Bond yields are stalling, and the options market is reading that as a clearing signal for bullion.
Despite a 25% retreat from gold's January peak, bulls have committed $180 million to bullish call positions, a wager that the rate-driven pressure suppressing the metal is exhausting itself.
The call-buying wave The timing is deliberate. Pouring $180 million into calls after a 25% drawdown is not ordinary dip-buying behavior.
It reflects a judgment that the decline has fully priced in the rate environment, and that any pause in yield momentum is sufficient to change the metal's direction.
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