The Globe and Mail reports in its Friday edition that gold is showing strength above $4,000 an ounce, despite rising Treasury yields, indicating a durable post-2022 demand premium, paving the way for potential gains after the Federal Reserve's tightening cycle ends. A Reuters dispatch to The Globe reports that normally, gold prices moved inversely with real yields, mostly influenced by interest rates and the greenback until Russia's 2022 invasion of Ukraine. However, after Western sanctions froze a portion of Russia's reserves, emerging market central banks began diversifying away from dollar assets, which helped support gold prices despite rising yields. MKS analyst Nicky Shiels says, "The real-yield framework still anchors fair value, but since 2022 a persistent, structurally higher premium driven by reserve diversification and geopolitical hedging has become the dominant driver that macro factors no longer capture, and it is not fading." She estimates this "debasement and de-dollarisation" premium -- the portion of the gold price not justified by real yields and the dollar -- has risen from about $120 an ounce before 2022 to an average of more than $1,000 since then. It currently stands at roughly $840 an ounce.