As The Fed has tightened monetary policy at its most aggressive pace in over 40 years, real rates in the US have soared (back into strong positive territory). Historically, that has reduced demand for gold (zero carry) but as the chart below, gold - while notably off its highs - has not cratered as much as some might have expected...

"With that weight of selling, I was a bit surprised gold wasn't weaker," said Ross Norman, chief executive officer of Metals Daily, an information portal focusing on precious metals.