Track real-time gold market sentiment. Our Gold Fear & Greed Index combines price momentum, dollar strength, real interest rates and volatility into a single 0-100 score, updated daily.
Very pessimistic sentiment. Potential buying opportunity.
Cautious sentiment. Investors seeking safety.
Balanced sentiment. No clear trend.
Optimistic sentiment. Investors taking risks.
Market euphoria. Potential correction ahead.
The Gold Index measures sentiment TOWARDS gold using 6 components. We measure whether investors are buying or selling gold and whether they are allocating to it as a safe haven, regardless of the underlying macro reason. All scores from 0-100:
Direct 14-day GLD performance
Measures direct SPDR Gold Trust (GLD) price change over 14 days. GLD +10% = score 100 (extreme greed), GLD -10% = score 0 (extreme fear). Captures actual buying/selling sentiment regardless of the underlying reason. Uses a x5 multiplier centered at 50.
Mean-reversion and trend signal
Combines 14-day RSI with price position relative to 50-day and 200-day moving averages. Contribution scales with distance from each MA rather than binary signals. RSI provides a ±25 point contribution centered at 50. Price above MA50 by 10% = strong bullish signal; price below both MAs with RSI < 30 = extreme fear.
Safe-haven allocation flow
Compares gold's 14-day return against the S&P500 (SPY ETF). Gold outperforming stocks = investors choosing gold as safe haven = higher score. Gold +5% while stocks -5% = strong safe-haven demand. Gold underperforming stocks = risk-on environment, less demand for gold. Uses a x2.5 multiplier on the relative performance gap.
USD strength (inverted correlation)
Gold and the dollar typically move inversely. Weakening dollar = stronger gold demand = higher score. Tracks 14-day change in DXY (US Dollar Index vs basket of currencies) with a x15 multiplier. Dollar down 3.3% = score 100, dollar up 3.3% = score 0.
10-Year TIPS yield (inflation-adjusted)
Gold is a non-yielding asset, so lower real rates = more attractive gold = higher score. Uses FRED API (DFII10 — 10-Year Treasury Inflation-Indexed Security) with Yahoo Finance fallback. Real rate at -1% = score ~94, at +3% = score ~19.
Market stress / safe haven demand
Compares current VIX to its 3-month average using a z-score with tanh normalization. VIX above average = market stress = increased safe haven demand for gold = higher score. Uses tanh(z × 0.7) × 50 formula: smooth compression with no hard saturation cliff, preserving signal even during extreme volatility spikes.
Full cross-asset methodology and data sources available on the About page.