The last leg of this current liquidity driven run may have started as bond yields start rising again in US treasuries

This was to be expected given the sharp fall in the USD (measured via DXY) in the last month

A lot of money went into US via US$ and US treasuries in the last 2 years to capture the yield spreads and currency upmove. These positions actually started hammoraging once the USD started falling last month.

This move down in bond yields coupled with a stronger USD leading to mild inflation has lowered real yields and been the ballast for the Gold rally in the last two years.

As Gold is a very topical - the current correction will likely be bought into given the interest and cause the next upmove. However that up-move coinciding with a further treasury yield spike is potentially problematic.

The combination of US treasury yields and Gold both rising will create the conditions for a narrative about inflation and the FED losing control. Given all of this is a result of the Fed liquidity creation, the case will become stronger for the Fed to change its policy stance