China and Russia are pulling the gold trade toward Asia while the dollar loses ground — bad for the dollar and US bonds, good for gold holders.

• China's central bank bought more gold in a single month than at any time since 2023, its 22nd straight month of buying.
• Russia is shipping huge amounts of gold to China through Hong Kong, and Shanghai and Hong Kong are being built up as rival gold trading hubs.
• The freezing of Russian assets in 2022 scared central banks worldwide into stockpiling gold instead of US bonds.
• US bonds have lost buying power for a decade, and big holders like Norway's wealth fund are thinking about selling.
• Diesel hit a record high after a strike on a Saudi refinery pushed oil toward $100, raising the odds the Fed has to raise rates.

Outlook: Expect China to keep swapping dollars for gold, with more trade settled outside the dollar as the Iran conflict drags on.