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. Meanwhile, the 10-year U.S. Treasury yield, a yardstick for global borrowing costs and asset prices, rose to its highest since 2002 on Thursday, having posted its biggest quarterly rise this century in July-September. "For a non-yielding asset, all else equal, that is going to be challenging because gold has to compete against that yield level in people's portfolios," said Amy Gower, commodities strategist at Morgan Stanley. However, gold being above $4,000 despite yields that high signals that there is still demand that goes outside of what is happening with yields.