
Gold vs yields: what changed?
Gold used to follow a simple rule: higher real yields meant lower prices. Since 2022, that relationship has weakened. Real yields surged, yet gold kept climbing. What changed? Why did March 2022 become such an important turning point? And does the old relationship still matter for where gold goes from here? Listen to find out more! Ipek Ozkardeskaya has begun her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked at HSBC Private Bank in Geneva in relation to high and ultra-high net worth clients. In 2012, she started as FX Strategist at Swissquote Bank. She worked as a Senior Market Analyst in London Capital Group in London and in Shanghai. She returned to Swissquote Bank as Senior Analyst in 2020, and launched her own website ipekScope.com in 2025.















