Forex News
- AUD/USD drops slightly to near 0.6645 after surprisingly weak Chinese Retail Sales and Industrial Production data.
- The Australian Dollar started correcting last week after poor employment data.
- The US Dollar holds onto dovish Fed bets-driven losses ahead of US NFP data.
The AUD/USD pair trades 0.10% lower to near 0.6645 during the Asian trading session on Monday. The Aussie pair is under pressure as the National Bureau of Statistics of China has reported unexpectedly weak Chinese Retail Sales and Industrial Production data for November.
The impact of a dramatic change in Chinese domestic data remains significant on the Australian Dollar (AUD), given the higher dependence of the Australian economy on its exports to Beijing.
China’s Retail Sales grew by 1.3% on an annualized basis in November, while they were anticipated to rise steadily by 2.9%. The Industrial Production data came in at 4.8%, down from 4.9% in October. Economists anticipated the factory data to have risen by 5%.
The Australian Dollar has been correcting over the last two trading days, following the release of the weak labour market data for November. The data on Thursday showed that the economy shed 21.3K jobs in November, while it was expected to have added 20K fresh workers, raising concerns over the labor market strength.
Meanwhile, the broader outlook of the Aussie pair remains firm as the US Dollar (USD) struggles to regain ground amid hopes that the Federal Reserve (Fed) will deliver more interest rate cuts in 2026 than it had projected in last week’s policy meeting. In the policy announcement on Wednesday, the Fed’s dot plot showed that policymakers collectively see the Federal Fund Rate falling to 3.4% by the end of 2026, indicating that there will be only one interest rate cut next year.
This week, the major trigger for the US Dollar will be the United States (US) Nonfarm Payrolls (NFP) data for November, which will be released on Tuesday.
Australian Dollar FAQs
One of the most significant factors for the Australian Dollar (AUD) is the level of interest rates set by the Reserve Bank of Australia (RBA). Because Australia is a resource-rich country another key driver is the price of its biggest export, Iron Ore. The health of the Chinese economy, its largest trading partner, is a factor, as well as inflation in Australia, its growth rate and Trade Balance. Market sentiment – whether investors are taking on more risky assets (risk-on) or seeking safe-havens (risk-off) – is also a factor, with risk-on positive for AUD.
The Reserve Bank of Australia (RBA) influences the Australian Dollar (AUD) by setting the level of interest rates that Australian banks can lend to each other. This influences the level of interest rates in the economy as a whole. The main goal of the RBA is to maintain a stable inflation rate of 2-3% by adjusting interest rates up or down. Relatively high interest rates compared to other major central banks support the AUD, and the opposite for relatively low. The RBA can also use quantitative easing and tightening to influence credit conditions, with the former AUD-negative and the latter AUD-positive.
China is Australia’s largest trading partner so the health of the Chinese economy is a major influence on the value of the Australian Dollar (AUD). When the Chinese economy is doing well it purchases more raw materials, goods and services from Australia, lifting demand for the AUD, and pushing up its value. The opposite is the case when the Chinese economy is not growing as fast as expected. Positive or negative surprises in Chinese growth data, therefore, often have a direct impact on the Australian Dollar and its pairs.
Iron Ore is Australia’s largest export, accounting for $118 billion a year according to data from 2021, with China as its primary destination. The price of Iron Ore, therefore, can be a driver of the Australian Dollar. Generally, if the price of Iron Ore rises, AUD also goes up, as aggregate demand for the currency increases. The opposite is the case if the price of Iron Ore falls. Higher Iron Ore prices also tend to result in a greater likelihood of a positive Trade Balance for Australia, which is also positive of the AUD.
The Trade Balance, which is the difference between what a country earns from its exports versus what it pays for its imports, is another factor that can influence the value of the Australian Dollar. If Australia produces highly sought after exports, then its currency will gain in value purely from the surplus demand created from foreign buyers seeking to purchase its exports versus what it spends to purchase imports. Therefore, a positive net Trade Balance strengthens the AUD, with the opposite effect if the Trade Balance is negative.
- The Japanese Yen kicks off the new week on a positive note amid rising BoJ rate hike bets.
- A softer risk tone further benefits the safe-haven JPY, while a dovish Fed weighs on the USD.
- Traders keenly await this week’s important US macro releases and the BoJ policy meeting.
The Japanese Yen (JPY) attracts fresh buyers at the start of a new week as traders keenly await the highly-anticipated Bank of Japan (BoJ) rate decision on Friday. Market expectations for an imminent BoJ rate hike in December have risen recently amid a shift in rhetoric from Governor Kazuo Ueda. Moreover, inflation in Japan remains above the BoJ's 2% target, which, along with an improvement in the business confidence among major Japanese manufacturers, backs the case for further policy tightening. This, along with a weaker risk tone, underpins the safe-haven JPY.
However, worries about Japan's deteriorating fiscal condition, amid Prime Minister Sanae Takaichi's massive spending plan, might hold back the JPY bulls from placing fresh bets. The US Dollar (USD), on the other hand, languishes near a two-month low, touched last Thursday, in the wake of rising bets for two more rate cuts by the US Federal Reserve (Fed). This marks a significant divergence compared to hawkish BoJ expectations, which, in turn, drags the USD/JPY pair back below mid-155.00s during the Asian session and backs the case for a further depreciating move.
Japanese Yen bulls have the upper hand amid firming BoJ rate hike expectations
- According to the Bank of Japan's quarterly Tankan survey released earlier this Monday, the business confidence index at large manufacturers in Japan rose to 15 in the fourth quarter of 2025 from 14.0 in the previous quarter. Further details revealed that the large Manufacturing Outlook arrived at 15.0 vs 12.0 prior.
- Commenting on the Tankan survey, a senior BoJ official said that Japanese firms cited easing uncertainty around US trade policy and resilient demand in high-tech sectors as key factors supporting business sentiment. Firms cited pass-through of costs and robust demand as factors brightening the business outlook.
- Moreover, BoJ Governor Kazuo Ueda recently said that the central bank is getting closer to attaining its inflation target. This reaffirms market bets for an imminent BoJ interest rate hike at the end of the December 18-19 policy meeting and backs the case for further policy tightening going into 2026.
- Moreover, reports suggest that top officials in Prime Minister Sanae Takaichi’s cabinet are unlikely to oppose a BoJ rate hike. Traders, however, seem reluctant to place bullish bets around the Japanese Yen and opt to wait for more cues about the BoJ's future policy path before positioning for further gains.
- Hence, the focus will remain glued to Ueda’s post-meeting press conference on Friday. In the meantime, Takaichi's massive spending plan has exacerbated concerns about Japan's public finances amid sluggish economic growth, which, in turn, is seen as another factor acting as a headwind for the JPY.
- The US Dollar, on the other hand, struggles to attract any meaningful buyers and languishes near a two-month low touched last Thursday amid dovish Federal Reserve expectations. The Fed signaled caution about further rate cuts, though traders are pricing in two more interest rate cuts next year.
- Meanwhile, US President Donald Trump said that he had narrowed the list of contenders to replace Jerome Powell as the next Fed chair and expects his nominee to deliver interest-rate cuts. The prospect of a Trump-aligned Fed chair keeps the USD bulls on the defensive and caps the USD/JPY pair.
- Traders also seem reluctant ahead of this week's important US macro releases – including the delayed Nonfarm Payrolls (NFP) report for October on Tuesday and the latest inflation figures on Thursday. In the meantime, the divergent BoJ-Fed outlooks might continue to support the lower-yielding JPY.
USD/JPY seems vulnerable while below the 100-hour SMA hurdle near the 156.00 mark
From a technical perspective, the USD/JPY pair has been struggling to move back above the 100-hour Simple Moving Average (SMA), and the subsequent slide favors bearish traders. However, positive oscillators on the daily chart suggest that any further decline is more likely to find decent support near the 155.00 psychological mark. A convincing break below the latter would turn spot prices vulnerable to accelerate the fall towards the monthly low, around the 154.35 area, en route to the 154.00 mark.
On the flip side, the 100-hour SMA, currently pegged at the 156.00 round figure, might continue to act as an immediate hurdle. Some follow-through buying beyond Friday's swing high, around the 156.10-156.15 region, might trigger a short-covering move and lift the USD/JPY pair to the 157.00 neighborhood. A sustained strength beyond the latter should pave the way for additional gains towards the 157.45 intermediate hurdle en route to a multi-month top, around the 158.00 neighborhood, touched in November.
Japanese Yen FAQs
The Japanese Yen (JPY) is one of the world’s most traded currencies. Its value is broadly determined by the performance of the Japanese economy, but more specifically by the Bank of Japan’s policy, the differential between Japanese and US bond yields, or risk sentiment among traders, among other factors.
One of the Bank of Japan’s mandates is currency control, so its moves are key for the Yen. The BoJ has directly intervened in currency markets sometimes, generally to lower the value of the Yen, although it refrains from doing it often due to political concerns of its main trading partners. The BoJ ultra-loose monetary policy between 2013 and 2024 caused the Yen to depreciate against its main currency peers due to an increasing policy divergence between the Bank of Japan and other main central banks. More recently, the gradually unwinding of this ultra-loose policy has given some support to the Yen.
Over the last decade, the BoJ’s stance of sticking to ultra-loose monetary policy has led to a widening policy divergence with other central banks, particularly with the US Federal Reserve. This supported a widening of the differential between the 10-year US and Japanese bonds, which favored the US Dollar against the Japanese Yen. The BoJ decision in 2024 to gradually abandon the ultra-loose policy, coupled with interest-rate cuts in other major central banks, is narrowing this differential.
The Japanese Yen is often seen as a safe-haven investment. This means that in times of market stress, investors are more likely to put their money in the Japanese currency due to its supposed reliability and stability. Turbulent times are likely to strengthen the Yen’s value against other currencies seen as more risky to invest in.
- NZD/USD attracts some sellers to near 0.5780 in Monday’s Asian session.
- China’s Retail Sales rose 1.3% YoY in November, weaker than expected.
- Traders brace for the US October NFP report on Tuesday.
The NZD/USD pair loses ground to around 0.5780 during the Asian trading hours on Monday. The New Zealand Dollar (NZD) weakens against the US Dollar following the downbeat Chinese economic data. Federal Reserve (Fed) officials are set to speak later in the day, including Fed Governor Stephen Miran and New York Fed President John Williams. The delayed US Nonfarm Payrolls (NFP) report for October will be the highlight on Tuesday.
Data released by the National Bureau of Statistics (NBS) on Monday showed that China’s Retail Sales rose 1.3% YoY in November, compared to 2.9% in October. This figure came in weaker than the market expectation of 2.9% by a wide margin. Meanwhile, Chinese Industrial Production increased 4.8% YoY in the same period, versus 5.0% forecast and 4.9% prior. The worse-than-estimated Chinese economic data exert some selling pressure on China’s proxy Kiwi, as China is a major trading partner for New Zealand.
Early Monday, Reserve Bank of New Zealand (RBNZ) Governor Anna Breman said that the economic outlook has evolved broadly in line with the Monetary Policy Committee’s expectations, with signs continuing to emerge that growth is recovering. While a slight chance of another rate cut exists, the Official Cash Rate (OCR) is likely to remain at its current level of 2.25% for some time if conditions evolve as expected. The cautious stance from the RBNZ Governor could help limit the NZD’s losses in the near term.
The Fed last week announced its third and final quarter-point rate reduction this year, cutting interest rates by 25 basis points (bps) to a target range of 3.50% to 3.75%. Fed Chair Jerome Powell said during the press conference that policymakers need time to see how the Fed's three cuts this year work their way through the US economy.
Traders will closely monitor the US October NFP report on Tuesday. This report could provide more clarity on the labor market's health and likely influence expectations for the Fed's January meeting. Any signs of a weakening US labor market could drag the Greenback lower and create a tailwind for the pair.
New Zealand Dollar FAQs
The New Zealand Dollar (NZD), also known as the Kiwi, is a well-known traded currency among investors. Its value is broadly determined by the health of the New Zealand economy and the country’s central bank policy. Still, there are some unique particularities that also can make NZD move. The performance of the Chinese economy tends to move the Kiwi because China is New Zealand’s biggest trading partner. Bad news for the Chinese economy likely means less New Zealand exports to the country, hitting the economy and thus its currency. Another factor moving NZD is dairy prices as the dairy industry is New Zealand’s main export. High dairy prices boost export income, contributing positively to the economy and thus to the NZD.
The Reserve Bank of New Zealand (RBNZ) aims to achieve and maintain an inflation rate between 1% and 3% over the medium term, with a focus to keep it near the 2% mid-point. To this end, the bank sets an appropriate level of interest rates. When inflation is too high, the RBNZ will increase interest rates to cool the economy, but the move will also make bond yields higher, increasing investors’ appeal to invest in the country and thus boosting NZD. On the contrary, lower interest rates tend to weaken NZD. The so-called rate differential, or how rates in New Zealand are or are expected to be compared to the ones set by the US Federal Reserve, can also play a key role in moving the NZD/USD pair.
Macroeconomic data releases in New Zealand are key to assess the state of the economy and can impact the New Zealand Dollar’s (NZD) valuation. A strong economy, based on high economic growth, low unemployment and high confidence is good for NZD. High economic growth attracts foreign investment and may encourage the Reserve Bank of New Zealand to increase interest rates, if this economic strength comes together with elevated inflation. Conversely, if economic data is weak, NZD is likely to depreciate.
The New Zealand Dollar (NZD) tends to strengthen during risk-on periods, or when investors perceive that broader market risks are low and are optimistic about growth. This tends to lead to a more favorable outlook for commodities and so-called ‘commodity currencies’ such as the Kiwi. Conversely, NZD tends to weaken at times of market turbulence or economic uncertainty as investors tend to sell higher-risk assets and flee to the more-stable safe havens.
Reserve Bank of New Zealand (RBNZ) Governor Anna Breman said on Monday that the economic outlook has evolved broadly in line with the Monetary Policy Committee’s expectations, with signs continuing to emerge that growth is recovering.
Key quotes
The economic outlook has evolved broadly similar to the MPC’s expectations.
We continue to see signs that growth is recovering.
Reiterates forward path for OCR published in the November MPS indicates a slight probability of another rate cut in the near term.
If economic conditions evolve as expected the OCR is likely to remain at its current level of 2.25 percent for some time.
Financial market conditions have tightened since the November decision, exceeding what is implied by our central projection for the OCR.
Market reaction
At the time of writing, the NZD/USD pair is trading 0.27% lower on the day at 0.5787.
RBNZ FAQs
The Reserve Bank of New Zealand (RBNZ) is the country’s central bank. Its economic objectives are achieving and maintaining price stability – achieved when inflation, measured by the Consumer Price Index (CPI), falls within the band of between 1% and 3% – and supporting maximum sustainable employment.
The Reserve Bank of New Zealand’s (RBNZ) Monetary Policy Committee (MPC) decides the appropriate level of the Official Cash Rate (OCR) according to its objectives. When inflation is above target, the bank will attempt to tame it by raising its key OCR, making it more expensive for households and businesses to borrow money and thus cooling the economy. Higher interest rates are generally positive for the New Zealand Dollar (NZD) as they lead to higher yields, making the country a more attractive place for investors. On the contrary, lower interest rates tend to weaken NZD.
Employment is important for the Reserve Bank of New Zealand (RBNZ) because a tight labor market can fuel inflation. The RBNZ’s goal of “maximum sustainable employment” is defined as the highest use of labor resources that can be sustained over time without creating an acceleration in inflation. “When employment is at its maximum sustainable level, there will be low and stable inflation. However, if employment is above the maximum sustainable level for too long, it will eventually cause prices to rise more and more quickly, requiring the MPC to raise interest rates to keep inflation under control,” the bank says.
In extreme situations, the Reserve Bank of New Zealand (RBNZ) can enact a monetary policy tool called Quantitative Easing. QE is the process by which the RBNZ prints local currency and uses it to buy assets – usually government or corporate bonds – from banks and other financial institutions with the aim to increase the domestic money supply and spur economic activity. QE usually results in a weaker New Zealand Dollar (NZD). QE is a last resort when simply lowering interest rates is unlikely to achieve the objectives of the central bank. The RBNZ used it during the Covid-19 pandemic.
China’s Retail Sales rose 1.3% year-over-year (YoY) in November vs. 2.9% expected and 2.9% in October, the latest data released by the National Bureau of Statistics (NBS) showed Monday.
Chinese Industrial Production increased 4.8% YoY in the same period, compared to the 5.0% forecast and 4.9% seen previously.
Meanwhile, the Fixed Asset Investment came in at -2.6% year-to-date (YTD) YoY in November, missed the expected -2.3% figure. The October reading was -1.7%.
AUD/USD reaction to Chinese data
The downbeat Chinese data dump have little to no impact on the Australian Dollar (AUD). At the time of writing, the AUD/USD pair is trading 0.03% higher on the day at 0.6653.
Australian Dollar Price This week
The table below shows the percentage change of Australian Dollar (AUD) against listed major currencies this week. Australian Dollar was the weakest against the Japanese Yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.03% | 0.05% | -0.16% | -0.07% | -0.11% | -0.04% | -0.05% | |
| EUR | 0.03% | 0.09% | -0.15% | -0.05% | -0.06% | -0.01% | -0.02% | |
| GBP | -0.05% | -0.09% | -0.10% | -0.13% | -0.15% | -0.10% | -0.11% | |
| JPY | 0.16% | 0.15% | 0.10% | 0.10% | 0.06% | 0.10% | 0.32% | |
| CAD | 0.07% | 0.05% | 0.13% | -0.10% | -0.03% | 0.03% | 0.17% | |
| AUD | 0.11% | 0.06% | 0.15% | -0.06% | 0.03% | 0.05% | 0.04% | |
| NZD | 0.04% | 0.01% | 0.10% | -0.10% | -0.03% | -0.05% | -0.01% | |
| CHF | 0.05% | 0.02% | 0.11% | -0.32% | -0.17% | -0.04% | 0.00% |
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 Australian Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent AUD (base)/USD (quote).
This section was published on Monday at 0:00 GMT as a preview of China's Retail Sales, Industrial Production data.
China Retail Sales, Industrial Production Overview
The National Bureau of Statistics of China (NBS) will publish its data for November at 02.00 GMT. Retail Sales is expected to show an increase of 2.9% year-over-year (YoY) in November. Meanwhile, Industrial Production is projected to show a rise of 5.0% YoY in the same period versus 4.9% prior.
Changes in Retail Sales are widely followed as an indicator of consumer spending. Meanwhile, Industrial Production shows the volume of production of Chinese Industries such as factories and manufacturing facilities. A surge in output is regarded as inflationary which would prompt the People’s Bank of China would tighten monetary policy and fiscal policy risk.
How could the China Retail Sales, Industrial Production affect AUD/USD?
AUD/USD trades on a positive note on the day in the lead up to the China Retail Sales, Industrial Production data. The pair gains ground as US Dollar (USD) softens amid the prospect of interest rate cuts by the US Federal Reserve (Fed) next year.
If data comes in better than expected, it could lift the Australian Dollar (AUD), with the first upside barrier seen at the December 11 high of 0.6680. The next resistance level emerges at the September 17 high of 0.6707, en route to the October 14, 2024 high of 0.6750.
To the downside, the December 11 low of 0.6626 will offer some comfort to buyers. Extended losses could see a drop to the October 28 high of 0.6590. The next contention level is located at the 100-day EMA of 0.6540.
Australian Dollar FAQs
One of the most significant factors for the Australian Dollar (AUD) is the level of interest rates set by the Reserve Bank of Australia (RBA). Because Australia is a resource-rich country another key driver is the price of its biggest export, Iron Ore. The health of the Chinese economy, its largest trading partner, is a factor, as well as inflation in Australia, its growth rate and Trade Balance. Market sentiment – whether investors are taking on more risky assets (risk-on) or seeking safe-havens (risk-off) – is also a factor, with risk-on positive for AUD.
The Reserve Bank of Australia (RBA) influences the Australian Dollar (AUD) by setting the level of interest rates that Australian banks can lend to each other. This influences the level of interest rates in the economy as a whole. The main goal of the RBA is to maintain a stable inflation rate of 2-3% by adjusting interest rates up or down. Relatively high interest rates compared to other major central banks support the AUD, and the opposite for relatively low. The RBA can also use quantitative easing and tightening to influence credit conditions, with the former AUD-negative and the latter AUD-positive.
China is Australia’s largest trading partner so the health of the Chinese economy is a major influence on the value of the Australian Dollar (AUD). When the Chinese economy is doing well it purchases more raw materials, goods and services from Australia, lifting demand for the AUD, and pushing up its value. The opposite is the case when the Chinese economy is not growing as fast as expected. Positive or negative surprises in Chinese growth data, therefore, often have a direct impact on the Australian Dollar and its pairs.
Iron Ore is Australia’s largest export, accounting for $118 billion a year according to data from 2021, with China as its primary destination. The price of Iron Ore, therefore, can be a driver of the Australian Dollar. Generally, if the price of Iron Ore rises, AUD also goes up, as aggregate demand for the currency increases. The opposite is the case if the price of Iron Ore falls. Higher Iron Ore prices also tend to result in a greater likelihood of a positive Trade Balance for Australia, which is also positive of the AUD.
The Trade Balance, which is the difference between what a country earns from its exports versus what it pays for its imports, is another factor that can influence the value of the Australian Dollar. If Australia produces highly sought after exports, then its currency will gain in value purely from the surplus demand created from foreign buyers seeking to purchase its exports versus what it spends to purchase imports. Therefore, a positive net Trade Balance strengthens the AUD, with the opposite effect if the Trade Balance is negative.
- Gold price drifts higher to near $4,315 in Monday’s early Asian session.
- Fed rate cut expectations and safe-haven flows could support the Gold price.
- Traders await the US October NFP data later on Tuesday for fresh impetus.
Gold price (XAU/USD) attracts some buyers to around $4,315 during the early Asian trading hours on Monday. The precious metal extends its upside to the highest since October 21 amid the prospect of interest rate cuts by the US Federal Reserve (Fed) next year. The delayed US Nonfarm Payrolls (NFP) report for October will be in the spotlight later on Tuesday.
The US central bank last week announced its third and final quarter-point rate reduction this year, cutting interest rates by 25 basis points (bps) to a target range of 3.50% to 3.75%. Lower interest rates could reduce the opportunity cost of holding Gold, supporting the non-yielding precious metal.
Uncertainty and the risk-off sentiment could boost the safe-haven flows, benefiting the yellow metal price. Bloomberg reported on Sunday that a mass shooting at Bondi Beach in the Australian city of Sydney had killed at least 16 people and wounded 40. Australian Prime Minister Anthony Albanese said in a press conference early Monday that the shooting was a “targeted attack” on the Jewish community. He had previously described the incident as an “act of evil antisemitism, terrorism that has struck the heart of our nation.”
Meanwhile, Chicago Fed President Austan Goolsbee said that he “felt the more prudent course would have been to wait for more information” before cutting rates again after a government shutdown delayed several key economic reports in October and November. Additionally, Cleveland Fed President Beth Hammack stated that the central bank should keep rates high enough to continue putting downward pressure on inflation.
Traders will take more cues from the speeches by Fed Governor Stephen Miran and New York Fed President John Williams later in the day. Any hawkish remarks from Fed officials could lift the US Dollar (USD) and drag the USD-denominated commodity price lower.
Gold FAQs
Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.
Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.
Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.
The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.
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