Gold price has also gained upside from a temporary plateauing of the value of the US Dollar – which it tends to move inversely to, because Gold is priced in Dollars. Expectations that the Federal Reserve will reign in its aggressive interest rate hiking policy – as fears even higher interest rates could exacerbate the banking crisis – have taken the wind out of the US currency’s sails.
If bets for future interest rate hikes from the Fed continue to decline, this will have a negative impact on the US Dollar and support Gold price. That said, USD also benefits from safe-haven demand, so if the crisis worsens this will provide a back draught.
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