Forex News
- Gold rebounds from a more than seven-month low after the latest US inflation report.
- US PCE data came broadly in line with market expectations.
- Technically, XAU/USD remains in a well-defined downtrend, with oversold signals beginning to emerge.
Gold (XAU/USD) rebounds on Thursday after the US Personal Consumption Expenditures (PCE) Price Index came broadly in line with market expectations. At the time of writing, XAU/USD trades around $4,026 after hitting a more than seven-month low of $3,959 on Wednesday.
The US Bureau of Economic Analysis reported that core PCE rose to 3.4% YoY in May from 3.3% in April. On a monthly basis, Core PCE was unchanged at 0.3%. Headline PCE accelerated to 4.1% YoY from 3.8%, marking its highest annual reading since April 2023.
Traders focused on the stable core PCE reading, the Federal Reserve's (Fed) preferred inflation gauge, which helped Gold stage a modest rebound from below the $4,000 mark. Even so, XAU/USD remains nearly 28% below its all-time high near $5,600 reached in January.
The decline has been largely driven by the fallout from the US-Iran war, which boosted the US Dollar (USD), triggered liquidity-driven selling and fueled expectations that the Federal Reserve (Fed) could raise interest rates later this year as elevated Oil prices pushed inflation higher.
The latest inflation data did little to alter market expectations for a Fed rate hike later this year. According to the CME FedWatch Tool, traders are currently pricing in a 70% chance of a rate increase at the September meeting.
However, with Oil prices back to pre-war levels, fears of a sustained inflationary shock have eased. Still, inflation remains well above the Fed's 2% target, suggesting monetary policy is likely to stay restrictive for longer. As a result, Gold may struggle to stage a meaningful recovery.
Additional data showed the US economy expanded at an annualized pace of 2.1% in the first quarter, up from of 1.6%, according to the final estimate.
On the geopolitical front, shipping through the Strait of Hormuz continues to improve following the interim peace agreement between the United States and Iran. The latest round of talks revealed that differences remain over inspections of Iran's nuclear program and the future management of the Strait.
Technical Analysis: Bearish trend remains intact as oversold signals emerge
On the daily chart, XAU/USD remains bearish as price holds well below the 200-day Simple Moving Average (SMA) at $4,474 and the 100-day SMA at $4,690.
The metal also remains under a downward sloping resistance trend line, whose break level comes in near $4,350, while the Relative Strength Index (RSI) at 29.87 slips into oversold territory, hinting that while selling pressure dominates, the downside could become vulnerable to short-covering bounces.
On the upside, initial resistance is seen at the horizontal barrier around $4,200, with the descending trend-line break level near $4,350 reinforcing this supply zone. Above that, the 200-day SMA at $4,474 and the 100-day SMA at $4,690 form a broader medium-term resistance band that would need to be reclaimed to ease the prevailing bearish structure.
On the downside, the next notable cushion is the horizontal support at $3,900.00, and a clear break beneath this floor would expose the metal to a deeper corrective phase despite the emerging oversold signals on momentum.
(The technical analysis of this story was written with the help of an AI tool.)
Inflation FAQs
Inflation measures the rise in the price of a representative basket of goods and services. Headline inflation is usually expressed as a percentage change on a month-on-month (MoM) and year-on-year (YoY) basis. Core inflation excludes more volatile elements such as food and fuel which can fluctuate because of geopolitical and seasonal factors. Core inflation is the figure economists focus on and is the level targeted by central banks, which are mandated to keep inflation at a manageable level, usually around 2%.
The Consumer Price Index (CPI) measures the change in prices of a basket of goods and services over a period of time. It is usually expressed as a percentage change on a month-on-month (MoM) and year-on-year (YoY) basis. Core CPI is the figure targeted by central banks as it excludes volatile food and fuel inputs. When Core CPI rises above 2% it usually results in higher interest rates and vice versa when it falls below 2%. Since higher interest rates are positive for a currency, higher inflation usually results in a stronger currency. The opposite is true when inflation falls.
Although it may seem counter-intuitive, high inflation in a country pushes up the value of its currency and vice versa for lower inflation. This is because the central bank will normally raise interest rates to combat the higher inflation, which attract more global capital inflows from investors looking for a lucrative place to park their money.
Formerly, Gold was the asset investors turned to in times of high inflation because it preserved its value, and whilst investors will often still buy Gold for its safe-haven properties in times of extreme market turmoil, this is not the case most of the time. This is because when inflation is high, central banks will put up interest rates to combat it. Higher interest rates are negative for Gold because they increase the opportunity-cost of holding Gold vis-a-vis an interest-bearing asset or placing the money in a cash deposit account. On the flipside, lower inflation tends to be positive for Gold as it brings interest rates down, making the bright metal a more viable investment alternative.
- WTI Oil price declines for a fourth consecutive day as traffic through the Strait of Hormuz gradually normalizes.
- The US administration granted a temporary waiver to buyers of already-loaded Iranian Oil, further expanding available supply.
- Iraq threatens to consider all options if its production quota within the organization is not significantly raised.
West Texas Intermediate (WTI) US Oil trades around $69.30 at the time of writing, down 0.65% on Thursday. The American benchmark Crude is now posting a fourth consecutive day of losses, weighed down by a convergence of supply-side factors reshaping market expectations.
The primary catalyst behind this bearish move is the progressive normalization of maritime traffic through the Strait of Hormuz, the strategic chokepoint through which nearly one-fifth of the world's energy supply flows. Speaking at the Reuters Global Energy Forum in New York, United States (US) Energy Secretary Chris Wright indicated that roughly 20 million barrels of Oil transited the strait within a single 24-hour window, describing these sustained flows as a return to normal operational conditions.
Shipping tracking data corroborates this shift. An interim deal struck on Wednesday cleared the way for three previously stranded tankers, carrying a combined 5 million barrels of Crude, to resume their passage through the Gulf. The International Maritime Organization (IMO) also confirmed it had received guarantees allowing hundreds of vessels to exit the Persian Gulf.
On top of the resumption of flows, Washington's decision to grant a temporary waiver authorizing buyers to take delivery of already-loaded Iranian cargoes has mechanically boosted Iran's sales volumes on international markets and contributed to pushing down the prices of physical Crude cargoes globally.
Structural tensions within the Organization of the Petroleum Exporting Countries (OPEC) are adding another layer of complexity to an already clouded picture. A senior official at Iraq's Oil Ministry stated that Baghdad would have to consider all options if its production quota is not significantly increased. The prospect of Iraq contemplating an exit from the cartel raises fresh concerns about the group's cohesion, in a context already strained by the surprise departure of the United Arab Emirates (UAE) earlier this year.
Yet despite the breadth of these bearish pressures, the durability of the move remains a point of contention among analysts. Goldman Sachs recently indicated, according to Reuters, that it does not expect a massive or sustained increase in Iranian production, even if the US waiver were to be extended beyond its scheduled August 21 expiry date. That caveat introduces an important nuance into a market attempting to gauge the true and lasting impact of a normalizing Middle Eastern supply landscape.
WTI Oil FAQs
WTI Oil is a type of Crude Oil sold on international markets. The WTI stands for West Texas Intermediate, one of three major types including Brent and Dubai Crude. WTI is also referred to as “light” and “sweet” because of its relatively low gravity and sulfur content respectively. It is considered a high quality Oil that is easily refined. It is sourced in the United States and distributed via the Cushing hub, which is considered “The Pipeline Crossroads of the World”. It is a benchmark for the Oil market and WTI price is frequently quoted in the media.
Like all assets, supply and demand are the key drivers of WTI Oil price. As such, global growth can be a driver of increased demand and vice versa for weak global growth. Political instability, wars, and sanctions can disrupt supply and impact prices. The decisions of OPEC, a group of major Oil-producing countries, is another key driver of price. The value of the US Dollar influences the price of WTI Crude Oil, since Oil is predominantly traded in US Dollars, thus a weaker US Dollar can make Oil more affordable and vice versa.
The weekly Oil inventory reports published by the American Petroleum Institute (API) and the Energy Information Agency (EIA) impact the price of WTI Oil. Changes in inventories reflect fluctuating supply and demand. If the data shows a drop in inventories it can indicate increased demand, pushing up Oil price. Higher inventories can reflect increased supply, pushing down prices. API’s report is published every Tuesday and EIA’s the day after. Their results are usually similar, falling within 1% of each other 75% of the time. The EIA data is considered more reliable, since it is a government agency.
OPEC (Organization of the Petroleum Exporting Countries) is a group of 12 Oil-producing nations who collectively decide production quotas for member countries at twice-yearly meetings. Their decisions often impact WTI Oil prices. When OPEC decides to lower quotas, it can tighten supply, pushing up Oil prices. When OPEC increases production, it has the opposite effect. OPEC+ refers to an expanded group that includes ten extra non-OPEC members, the most notable of which is Russia.
TD Securities’ Izidor Flajsman highlights that during historical US equity ‘lost decades’, Precious Metals, especially Gold, have delivered strong real returns while broad Commodities were more mixed. Gold outperformed in both valuation-driven and inflation-shock regimes and TD’s Commodities team now projects Gold at $5100/oz by Q1 2027, implying more than 25% upside from current spot levels.
Gold outperforms across lost decades
"Precious metals led across 'lost decade' regimes, with gold the standout performer."
"Commodities have been the flip side of equities and duration — dead money in a normal regime, best house on the block in a lost decade."
"The catch: based on the data below, this is a precious metals story, not a "commodities" story."
"Gold is the standout (+7.7% ann.) because it works in both regimes."
"Going forward, interestingly, we expect gold to hit $5100/oz in Q1 2027, which is over 25% higher from the current spot."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)
Commerzbank economists Bernd Weidensteiner and Christoph Balz review 250 years of US economic history, highlighting how persistent inflation has eroded the value of the Dollar and how federal debt has surged back to World War II highs. They stress that earlier episodes of post‑war consolidation contrast with the current renewed rise in the debt‑to‑GDP ratio.
Inflation and fiscal trends shape Dollar
"In terms of price trends, U.S. history can be divided into two parts. Until the early 20th century, there were occasional major episodes of inflation, most of which were linked to wars (such as the U.S. Civil War of 1861–65). However, these were always followed by longer periods of falling prices, so that the overall price level in 1900 was no higher than it had been in 1800 (Chart 6)."
"The U.S. managed to maintain price stability without a central bank; the Fed was not established until 1912. Since the 1930s, prices in the U.S. have been rising steadily. By 2025, the Consumer Price Index had risen to 18 times its 1925 level."
"There were no longer any deflationary phases, but there were periods of very high inflation even outside of wartime (such as the 1970s and the early 2020s)."
"A similarly two-pronged trend can also be observed in government finances. The government debt-to-GDP ratio remained very low throughout the 19th century. The debt incurred during the Civil War is the exception; in fact, the debt-to-GDP ratio fell again after 1865 (Chart 7)."
"The Great Depression and World War II caused government debt to skyrocket in the 20th century. However, the U.S. managed to rapidly reduce its government debt-to-GDP ratio after 1945. Solid fiscal policy came to an end under President Reagan, however, even though President Clinton succeeded in temporarily consolidating the debt once again in the 1990s."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)
According to the Commerce Department’s Bureau of Economic Analysis (BEA), the final GDP Growth Rate showed the economy expanded by 2.1% in the January-March period. The readings show a marked increase from the prior quarter’s 0.5% expansion.
The GDP Price Index (deflator) remained strong, rising by an annualised 3.6%, up from 3.5% gain.
What do US GDP Growth Rate figures mean for the US Dollar?
The US Dollar now comes under some mild downside pressure on Thursday, prompting the US Dollar Index (DXY) to abandon the area of recent tops and recede toward 101.50.
In the meantime, the Greenback continues to draw support from growing expectations that the Federal Reserve (Fed) could raise interest rates again later this year, particularly after policymakers delivered a hawkish hold at last week's meeting.
GDP FAQs
A country’s Gross Domestic Product (GDP) measures the rate of growth of its economy over a given period of time, usually a quarter. The most reliable figures are those that compare GDP to the previous quarter e.g Q2 of 2023 vs Q1 of 2023, or to the same period in the previous year, e.g Q2 of 2023 vs Q2 of 2022. Annualized quarterly GDP figures extrapolate the growth rate of the quarter as if it were constant for the rest of the year. These can be misleading, however, if temporary shocks impact growth in one quarter but are unlikely to last all year – such as happened in the first quarter of 2020 at the outbreak of the covid pandemic, when growth plummeted.
A higher GDP result is generally positive for a nation’s currency as it reflects a growing economy, which is more likely to produce goods and services that can be exported, as well as attracting higher foreign investment. By the same token, when GDP falls it is usually negative for the currency. When an economy grows people tend to spend more, which leads to inflation. The country’s central bank then has to put up interest rates to combat the inflation with the side effect of attracting more capital inflows from global investors, thus helping the local currency appreciate.
When an economy grows and GDP is rising, people tend to spend more which leads to inflation. The country’s central bank then has to put up interest rates to combat the inflation. Higher interest rates are negative for Gold because they increase the opportunity-cost of holding Gold versus placing the money in a cash deposit account. Therefore, a higher GDP growth rate is usually a bearish factor for Gold price.
- US Durable Goods Orders declined sharply in May, as expected.
- US Dollar Index stays flat on the day, slightly above 101.50.
Durable Goods Orders in the United States (US) declined by 4.5%, or $15.6 billion, in May to $332.1 billion, the US Census Bureau reported on Thursday. This reading followed the 8.5% increase recorded in April and came in line with the market expectation.
"Excluding transportation, new orders increased 1.3 percent," the press releases noted. "Excluding defense, new orders decreased 4.6 percent. Transportation equipment, also down following two consecutive monthly increases, drove the decrease, $18.5 billion or 14.0 percent to $113.5 billion."
Market reaction
The US Dollar Index retreats from session highs and was last seen trading flat on the day at 101.57.
- Initial Jobless Claims decreased to 215K vs. the previous week.
- Continuing Jobless Claims went up to 1.821M.
According to a report from the US Department of Labour (DOL) released on Thursday, the number of US citizens submitting new applications for unemployment insurance shrank to 215K for the week ending June 20. The latest print came in below initial estimates (225K) and was lower than the previous week’s 227K (revised from 226K).
Additionally, the 4-week moving average went up by 0.750K, bringing it to 224.25K from the revised average of the previous week (223.5K).
The report also indicated that Continuing Jobless Claims increased by 21K to 1.821M for the week ending June 13.
What do US Initial Jobless Claims figures mean for the US Dollar?
The Greenback extends its weekly gains and navigates the area of fresh yearly highs in the 101.70-101.80 band when gauged by the US Dollar Index (DXY) on Thursday.
The move higher in the US Dollar (USD) comes in response to rising bets of rate hikes by the Federal Reserve (Fed) later in the year, particularly in the wake of the Fed’s hawkish hold at its latest meeting.
Employment FAQs
Labor market conditions are a key element to assess the health of an economy and thus a key driver for currency valuation. High employment, or low unemployment, has positive implications for consumer spending and thus economic growth, boosting the value of the local currency. Moreover, a very tight labor market – a situation in which there is a shortage of workers to fill open positions – can also have implications on inflation levels and thus monetary policy as low labor supply and high demand leads to higher wages.
The pace at which salaries are growing in an economy is key for policymakers. High wage growth means that households have more money to spend, usually leading to price increases in consumer goods. In contrast to more volatile sources of inflation such as energy prices, wage growth is seen as a key component of underlying and persisting inflation as salary increases are unlikely to be undone. Central banks around the world pay close attention to wage growth data when deciding on monetary policy.
The weight that each central bank assigns to labor market conditions depends on its objectives. Some central banks explicitly have mandates related to the labor market beyond controlling inflation levels. The US Federal Reserve (Fed), for example, has the dual mandate of promoting maximum employment and stable prices. Meanwhile, the European Central Bank’s (ECB) sole mandate is to keep inflation under control. Still, and despite whatever mandates they have, labor market conditions are an important factor for policymakers given its significance as a gauge of the health of the economy and their direct relationship to inflation.
Annual inflation in the United States (US), as measured by the change in the Personal Consumption Expenditures (PCE) Price Index, climbed to 4.1% in May from 3.8% in April, the US Bureau of Economic Analysis (BEA) reported on Thursday. This reading came in line with the market expectation. In this period, the core PCE Price Index, which excludes volatile food and energy prices, rose 3.4%, as anticipated.
On a monthly basis, the PCE and the core PCE rose 0.4% and 0.3%, respectively.
Other details of the publication showed that Personal Income and Personal Spending both increased by 0.7% on a monthly basis in May, surpassing analysts' estimates.
Market reaction to US PCE inflation data
The US Dollar (USD) Index retreated slightly with the immediate reaction to the PCE inflation data. At the time of press, the USD Index was up 0.05% on the day at 101.65.
US Dollar Price This week
The table below shows the percentage change of US Dollar (USD) against listed major currencies this week. US Dollar was the strongest against the New Zealand Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 1.04% | 0.22% | 0.31% | 0.51% | 1.65% | 1.68% | 0.67% | |
| EUR | -1.04% | -0.81% | -0.64% | -0.48% | 0.67% | 0.59% | -0.35% | |
| GBP | -0.22% | 0.81% | -0.09% | 0.29% | 1.41% | 1.41% | 0.43% | |
| JPY | -0.31% | 0.64% | 0.09% | 0.13% | 1.30% | 1.32% | 0.28% | |
| CAD | -0.51% | 0.48% | -0.29% | -0.13% | 1.15% | 1.20% | 0.13% | |
| AUD | -1.65% | -0.67% | -1.41% | -1.30% | -1.15% | -0.01% | -0.96% | |
| NZD | -1.68% | -0.59% | -1.41% | -1.32% | -1.20% | 0.00% | -0.97% | |
| CHF | -0.67% | 0.35% | -0.43% | -0.28% | -0.13% | 0.96% | 0.97% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).
This section below was published as a preview of the US PCE inflation data at 06:00 GMT.
- The core Personal Consumption Expenditures Price Index is forecast to rise 0.3% MoM and 3.4% YoY in May.
- Headline annual PCE inflation is expected to rise to its highest level in three years at 4%.
- Markets see about a 70% chance of the Federal Reserve raising the policy rate at least once by September.
The United States (US) Bureau of Economic Analysis (BEA) will publish the Personal Consumption Expenditures (PCE) Price Index data for May on Thursday at 12:30 GMT.
The PCE Price Index is closely watched by market participants because it is the Federal Reserve’s (Fed) preferred measure of inflation and could influence its policy outlook.
Anticipating the PCE: Insights into the Federal Reserve's key inflation metric
The core PCE Price Index, which excludes volatile food and energy prices, is expected to advance 0.3% month-over-month (MoM) in May, following the 0.2% increase recorded in April.
In the 12 months to May, the core PCE inflation is set to edge higher to 3.4%. Meanwhile, the headline annual PCE inflation is forecast to reach its highest level since May 2023 at 4%.
Markets will scrutinize the PCE Price Index data as Fed officials take this inflation gauge into account when deciding on the next policy move. Although crude Oil prices declined sharply and almost returned to pre-war levels since the United States (US) and Iran reached a framework deal to reopen the Strait of Hormuz, markets remain convinced that the Fed will need to tighten its policy in the second half of the year, given the healthy labor market conditions and the uncertainty regarding how quickly the disinflation process could restart.
According to the CME FedWatch Tool, markets are currently pricing in about a 65% probability that the Fed will raise borrowing costs by at least 25 basis points (bps) by September.
The revised Summary of Economic Projections (SEP), published alongside the monetary policy statement after the June Federal Open Market Committee (FOMC) meeting, showed that policymakers forecast PCE inflation to stand at 3.6% by year-end, and see the core PCE inflation at 3.3%.
Previewing the PCE inflation report, a TD Securities analyst said:
“We expect core PCE prices to show strong services inflation in May despite weak goods prices, as tariff passthrough has largely dissipated. Headline PCE will be higher at 0.49% m/m due to energy prices. Our forecast assumes 0.55% m/m for supercore after a strong PPI for the month. We look for personal spending to grow 0.5%, which reflects a moderation in real terms to 0.0%.”
Economic Indicator
Core Personal Consumption Expenditures - Price Index (YoY)
The Core Personal Consumption Expenditures (PCE), released by the US Bureau of Economic Analysis on a monthly basis, measures the changes in the prices of goods and services purchased by consumers in the United States (US). The PCE Price Index is also the Federal Reserve’s (Fed) preferred gauge of inflation. The YoY reading compares the prices of goods in the reference month to the same month a year earlier. The core reading excludes the so-called more volatile food and energy components to give a more accurate measurement of price pressures." Generally, a high reading is bullish for the US Dollar (USD), while a low reading is bearish.
Read more.Next release: Thu Jun 25, 2026 12:30
Frequency: Monthly
Consensus: 3.4%
Previous: 3.3%
Source: US Bureau of Economic Analysis
After publishing the GDP report, the US Bureau of Economic Analysis releases the Personal Consumption Expenditures (PCE) Price Index data alongside the monthly changes in Personal Spending and Personal Income. FOMC policymakers use the annual Core PCE Price Index, which excludes volatile food and energy prices, as their primary gauge of inflation. A stronger-than-expected reading could help the USD outperform its rivals as it would hint at a possible hawkish shift in the Fed’s forward guidance and vice versa.
How will the Personal Consumption Expenditures Price Index affect EUR/USD?
The US Dollar (USD) Index, which gauges the Greenback’s performance against a basket of six major currencies, is up more than 2.5% in June and has recently reached its highest level in over a year, above 101.50. Hawkish revisions seen in the Fed’s SEP, new Fed Chairman Kevin Warsh’s cautious and ambiguous comments on the policy outlook, combined with surprisingly upbeat macroeconomic data releases from the US, fuelled expectations for a Fed rate hike and drove the USD’s latest leg higher.
For markets to shift their view on the Fed policy outlook in a significant way, a softer-than-PCE inflation reading might not be enough. Still, a negative surprise in the monthly core PCE print could limit the USD’s gains and help EUR/USD hold its ground in the immediate term, but such a market reaction is likely to be short-lived. Conversely, a figure of 0.4% or bigger could fuel September Fed rate hike bets and cause EUR/USD to stretch its downtrend.
Eren Sengezer, European Session Lead Analyst at FXStreet, shares a brief technical outlook for EUR/USD:
“The near-term technical outlook for EUR/USD reaffirms the bearish stance but highlights oversold conditions. The Relative Strength Index (RSI) indicator on the daily chart stays below 30 and the pair trades slightly below the lower arm of the Bollinger Bands. This setup suggests that there could be a technical correction before there is an extended slide.”
“On the downside, 1.1300 (static level, round level) aligns as the first support level before 1.1220 (static level) and 1.1150 (static level). In case the pair stages a correction, 1.1410/1.1400 (former support level, round level) could be seen as the immediate resistance area ahead of 1.1540 (Bollinger Bands mid-point) and 1.1660-1.1670 (upper arm of the Bollinger Bands, 200-day Simple Moving Average SMA, 100-day SMA).”
Inflation FAQs
Inflation measures the rise in the price of a representative basket of goods and services. Headline inflation is usually expressed as a percentage change on a month-on-month (MoM) and year-on-year (YoY) basis. Core inflation excludes more volatile elements such as food and fuel which can fluctuate because of geopolitical and seasonal factors. Core inflation is the figure economists focus on and is the level targeted by central banks, which are mandated to keep inflation at a manageable level, usually around 2%.
The Consumer Price Index (CPI) measures the change in prices of a basket of goods and services over a period of time. It is usually expressed as a percentage change on a month-on-month (MoM) and year-on-year (YoY) basis. Core CPI is the figure targeted by central banks as it excludes volatile food and fuel inputs. When Core CPI rises above 2% it usually results in higher interest rates and vice versa when it falls below 2%. Since higher interest rates are positive for a currency, higher inflation usually results in a stronger currency. The opposite is true when inflation falls.
Although it may seem counter-intuitive, high inflation in a country pushes up the value of its currency and vice versa for lower inflation. This is because the central bank will normally raise interest rates to combat the higher inflation, which attract more global capital inflows from investors looking for a lucrative place to park their money.
Formerly, Gold was the asset investors turned to in times of high inflation because it preserved its value, and whilst investors will often still buy Gold for its safe-haven properties in times of extreme market turmoil, this is not the case most of the time. This is because when inflation is high, central banks will put up interest rates to combat it. Higher interest rates are negative for Gold because they increase the opportunity-cost of holding Gold vis-a-vis an interest-bearing asset or placing the money in a cash deposit account. On the flipside, lower inflation tends to be positive for Gold as it brings interest rates down, making the bright metal a more viable investment alternative.
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