October 13, 2026 06:53 PM GMT metal&ROCK | Europe Gold: More Than a Rates Trade Aug 2026+ Current 2026 Mar-July Jan 2025-Feb 2026 2023-2024 2022 2018-2021 Real Gold ($/oz) 10y TIPS % Real Gold Price ($/oz) vs US 10y TIPS (%) -1.50 -1.00 -0.50 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 6000 5500 5000 4500 4000 3500 3000 2500 2000 1500 y = -1784.6x + 8207.5 Source: Bloomberg, Morgan Stanley Research Gold's recent resilience suggests structural demand is increasingly offsetting macro headwinds. From here, easing ...