Although the US dollar index fell below 99 to a new low in this month, the weakening of the US dollar did not boost gold, but the price of gold weakened with the US dollar. This trend of gold and the US dollar shows that risk appetite has become the key to dominate the current market trend. As the performance of risky assets such as US stocks completely deviated from the economic fundamentals and hit a new high, the gold bulls showed some turbulence, and some of them may have closed positions and turned to high-yield risk assets. This kind of transaction will bring pressure on the price of gold.
However, we should be aware that the risk appetite of the current market may be too high, and US stocks have become a money game completely out of fundamentals. Once the market sentiment reverses the risk asset market, the risk of assets may turn sharply, and then the safe-haven buying of gold will return. At the same time, the world's extremely loose monetary environment will not change, and the need to hedge against the devaluation of credit currencies will continue to exist. Gold has always been one of the means to meet this demand.
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