RBC backs gold despite higher Treasury yields and Hormuz shipping risks
RBC Capital Markets kept a constructive view on gold as elevated US 10-year Treasury yields lifted gold’s opportunity cost to the highest since 2023. It cited potential demand pressure from India’s push to curb gold spending and estimated imports could fall. RBC also flagged Hormuz risk, with dark transits rising to 71% and warned of seafarer deaths since the war began, plus modest Venezuelan crude growth expectations.