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The fact that gold has not really performed incrementally well even when equities have sold off recently (rolling correlation has even risen) tells us that the perceived haven role is not driving gold at the moment. “In fact, while our high scenario is not written off, it would clearly take a big risk off event to change the tide. While you cannot return or cancel an order once a confirmation number has been sent, you can sell the items back to us at our current buyback price. “It seems that this is largely the story that will play out over the course of H2 2022, given rising rates and a strong dollar,” he wrote.

“The monetary tightening represents a cloud over gold that has begun to weigh on prices, having fallen somewhat steadily since April of this year, despite ongoing risk,” said Christopher Louney, analyst at RBC Capital Markets, in a note. Higher bond yields are also a headwind, raising the opportunity cost of holding nonyielding assets. Trading near a 20-year high, while Treasury yields have jumped.Ī stronger dollar is seen as a negative for commodities priced in the unit, making them more expensive to users of other currencies. dollar surging versus major rivals, with a dollar index While gold is often described as an inflation hedge, the aggressive tightening by the Fed has served to send the U.S.

Credit suisse gold bar price 1 0z gold bar