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MARKET DRIVERS
Market Drivers
Market Drivers · goldprice.tradingDAILY CROSS-ASSET ELASTICITY
Asset return elasticity matrix
| Column = driver · Row = response | |||||||
|---|---|---|---|---|---|---|---|
| Gold | Broad USD | US 2Y Δ10bp | US 10Y Real Δ10bp | S&P 500 | Silver | Bitcoin | |
| Gold | 1.00 | -2.43 | -0.76 | -0.80 | 0.66 | 0.54 | 0.33 |
| Broad USD | -0.08 | 1.00 | 0.23 | 0.28 | -0.04 | -0.05 | -0.02 |
| US 2Y Δ10bp | -0.09 | 0.79 | 1.00 | 1.05 | -0.00 | -0.04 | 0.00 |
| US 10Y Real Δ10bp | -0.06 | 0.56 | 0.61 | 1.00 | -0.02 | -0.03 | -0.02 |
| S&P 500 | 0.20 | -0.32 | -0.01 | -0.09 | 1.00 | 0.15 | 0.18 |
| Silver | 1.46 | -3.56 | -1.01 | -1.12 | 1.35 | 1.00 | 0.61 |
| Bitcoin | 0.73 | -1.63 | 0.00 | -0.50 | 1.34 | 0.51 | 1.00 |
β is the univariate regression slope of the row asset's daily return on the column asset's daily return: a 1% return-column move or 10bp yield-column move implies an average β% row move; it does not establish causation.
Data freshness
Broad trade-weighted USDFREDDelayedOct 30, 2026, 12:00 AM UTC10Y real yieldFREDDelayedNov 5, 2026, 12:00 AM UTCS&P 500FREDDelayedNov 5, 2026, 12:00 AM UTCSilverGold APILiveNov 7, 2026, 6:10 AM UTCBrent crudeFREDDelayedNov 3, 2026, 12:00 AM UTCBitcoinCoinbaseLiveNov 7, 2026, 6:10 AM UTC
Method
Broad USD / S&P 500 / Silver / BitcoinAligned daily percentage changesUS 2Y Δ10bpDaily change in 10bp unitsUS 10Y Real Δ10bpDaily change in 10bp unitsβ(row ← column)Covariance(row, column) ÷ variance(column)WindowUnified common dates across all drivers