We had interesting events take place last night. US markets tanked again with this continued inflationary/higher interest rate/recession fear. Yet the USD gold price bounced off low $1800usd and finished almost 1% in the green.
If this continues, the question will start to be asked, is the gold price going to to stop correlating with the rising CB interest rate situation.
I have said this before, that I believe as the situation worsens and we get the higher interest rates throughout 2023, we will start to see the gold price to distance itself from this interest rate situation. Imo the gold price will start rising as a hedge and the economic fear will actually benefit precious metals. Especially if the USD starts to tank, which I believe it will. Because plenty of countries such as Saudi Arabia and China are now starting to trade in currencies away from the USD. This will no doubt weaken its position as safety.
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