Forex News
- USD/CAD moves little as recovering WTI prices enhance Canada’s export revenues.
- Democratic election victories spark gridlock expectations and hopes for Iran diplomacy, keeping the safe-haven dollar subdued.
- Traders await key US employment data to gauge the Fed's December rate stance.
USD/CAD moves little after registering modest gains in the previous day, hovering around 1.4010 during Asian hours on Friday. The pair may lose ground as the commodity-linked Canadian Dollar (CAD) gains support from higher oil prices. As one of the world's largest oil producers and a major exporter to the United States (US), Canada benefits directly from rising crude markets. Higher oil prices traditionally strengthen the CAD by improving the country's export revenues and terms of trade, whereas falling prices tend to exert downward pressure on the currency.
Meanwhile, West Texas Intermediate (WTI) crude has gained traction as traders assess recovering Middle Eastern supplies alongside the geopolitical outlook following the US midterm elections. Crude prices extended their recovery after Wednesday's sell-off, driven partly by the Democrats sweeping both the House and the Senate. This political shift prompted speculation that US President Donald Trump might face increased pressure to end the eight-month conflict with Iran. However, prospects for a swift resolution remain uncertain as market participants reconsider whether the election outcomes will truly lead to a quick end to the war.
Meanwhile, the USD/CAD pair remains steady as the US Dollar (USD) finds support in widespread market caution ahead of key economic data. Investors are awaiting the US Nonfarm Payrolls (NFP) report, which is expected to play a critical role in shaping market expectations for the Federal Reserve's December policy decision.
Countering that dollar support, recent declines in US bond yields and lingering hopes for diplomatic progress with Iran continue to keep the safe-haven greenback on the back foot. Additionally, the Democrats' victory has raised expectations of political gridlock in Washington, which could constrain government spending and ultimately lead to slower economic growth.
Strategists at OCBC caution against reading too much into the post-election Dollar weakness, warning that they “would be cautious about extrapolating the initial USD sell-off into a sustained decline.” They argue that while Democrats have secured control of Congress, this “does not mean unrestricted policy power,” with “major legislation” still “vulnerable to President Trump's veto.” OCBC also underscores that Democrats “lack the two-thirds majorities in both chambers needed to override it,” suggesting that the scope for transformative policy shifts remains constrained and, by extension, limiting the case for a structurally weaker USD at this stage.
Canadian Dollar FAQs
The key factors driving the Canadian Dollar (CAD) are the level of interest rates set by the Bank of Canada (BoC), the price of Oil, Canada’s largest export, the health of its economy, inflation and the Trade Balance, which is the difference between the value of Canada’s exports versus its imports. Other factors include market sentiment – whether investors are taking on more risky assets (risk-on) or seeking safe-havens (risk-off) – with risk-on being CAD-positive. As its largest trading partner, the health of the US economy is also a key factor influencing the Canadian Dollar.
The Bank of Canada (BoC) has a significant influence on the Canadian Dollar by setting the level of interest rates that banks can lend to one another. This influences the level of interest rates for everyone. The main goal of the BoC is to maintain inflation at 1-3% by adjusting interest rates up or down. Relatively higher interest rates tend to be positive for the CAD. The Bank of Canada can also use quantitative easing and tightening to influence credit conditions, with the former CAD-negative and the latter CAD-positive.
The price of Oil is a key factor impacting the value of the Canadian Dollar. Petroleum is Canada’s biggest export, so Oil price tends to have an immediate impact on the CAD value. Generally, if Oil price rises CAD also goes up, as aggregate demand for the currency increases. The opposite is the case if the price of Oil falls. Higher Oil prices also tend to result in a greater likelihood of a positive Trade Balance, which is also supportive of the CAD.
While inflation had always traditionally been thought of as a negative factor for a currency since it lowers the value of money, the opposite has actually been the case in modern times with the relaxation of cross-border capital controls. Higher inflation tends to lead central banks to put up interest rates which attracts more capital inflows from global investors seeking a lucrative place to keep their money. This increases demand for the local currency, which in Canada’s case is the Canadian Dollar.
Macroeconomic data releases gauge the health of the economy and can have an impact on the Canadian Dollar. Indicators such as GDP, Manufacturing and Services PMIs, employment, and consumer sentiment surveys can all influence the direction of the CAD. A strong economy is good for the Canadian Dollar. Not only does it attract more foreign investment but it may encourage the Bank of Canada to put up interest rates, leading to a stronger currency. If economic data is weak, however, the CAD is likely to fall.
- GBP/USD stalls the previous day’s retracement slide from mid-September highs on softer USD.
- The recent slump in US bond yields and Iran diplomacy hopes keep USD bulls on the back foot.
- The BoE’s hawkish outlook further supports the GBP as traders await the crucial US NFP report.
The GBP/USD pair attracts some dip-buyers during the Asian session on Friday, stalling the previous day's retracement slide from levels just above the 1.3500 psychological mark, or its highest level since mid-September. Traders, however, seem hesitant to place aggressive bets ahead of the release of the crucial US monthly employment details, with spot prices currently trading just above 1.3450, up only 0.05% for the day.
The popularly known US Nonfarm Payrolls (NFP) report will play a key role in influencing market expectations about the US Federal Reserve's (Fed) move in December, which, in turn, will drive US Dollar (USD) demand and provide a fresh impetus to the GBP/USD pair. Heading into the key data risk, the recent slump in US bond yields and hopes for Iran diplomacy keep the safe-haven USD on the back foot, offering some support to the currency pair.
Democrats' overwhelming victory in the US midterm elections raised expectations of political gridlock, which could limit government spending and lead to slower economic growth. Moreover, top Senate Democrat Chuck Schumer vowed on Wednesday to push for an end to the Iran war, triggering an over 10% weekly fall in crude oil prices. This helps ease inflationary concerns and drags US bond yields to a near two-month low, capping the safe-haven USD.
The British Pound (GBP), on the other hand, draws support from the Bank of England's (BoE) hawkish shift, raising interest rates for the first time in more than three years and signaling that a further increase is likely unless the US-Iran war is resolved. Moreover, Chancellor John Healey's 2026 Autumn Budget reduced immediate risks of a runaway fiscal crisis, which is seen as another factor acting as a tailwind for the GBP and the GBP/USD pair.
Nevertheless, spot prices remain on track to end on a positive note for the fourth consecutive week. Moreover, the supportive fundamental backdrop suggests that any corrective pullback could be seen as a buying opportunity and is more likely to be short-lived.
GBP/USD daily chart
Technical Analysis
The GBP/USD pair holds above the 200-day Simple Moving Average (SMA) at 1.3421 and key Fibonacci supports, suggesting a constructive near-term bias. The pair is pressing into a dense retracement area, with the 61.8% Fibo. level at 1.3470 capping the immediate topside and defining the next hurdle for buyers within the broader recovery from the 1.3138 cycle low.
A clear break above the 61.8% Fibo. would open the way toward the 78.6% level at 1.3560, ahead of the August swing high at 1.3674, where a more significant supply zone could emerge. On the downside, initial support is seen at the 200-day SMA at 1.3421, followed by the 50.0% level at 1.3406, while deeper pullbacks would likely target the 38.2% retracement at 1.3343.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Pound Sterling FAQs
The Pound Sterling (GBP) is the oldest currency in the world (886 AD) and the official currency of the United Kingdom. It is the fourth most traded unit for foreign exchange (FX) in the world, accounting for 12% of all transactions, averaging $630 billion a day, according to 2022 data. Its key trading pairs are GBP/USD, also known as ‘Cable’, which accounts for 11% of FX, GBP/JPY, or the ‘Dragon’ as it is known by traders (3%), and EUR/GBP (2%). The Pound Sterling is issued by the Bank of England (BoE).
The single most important factor influencing the value of the Pound Sterling is monetary policy decided by the Bank of England. The BoE bases its decisions on whether it has achieved its primary goal of “price stability” – a steady inflation rate of around 2%. Its primary tool for achieving this is the adjustment of interest rates. When inflation is too high, the BoE will try to rein it in by raising interest rates, making it more expensive for people and businesses to access credit. This is generally positive for GBP, as higher interest rates make the UK a more attractive place for global investors to park their money. When inflation falls too low it is a sign economic growth is slowing. In this scenario, the BoE will consider lowering interest rates to cheapen credit so businesses will borrow more to invest in growth-generating projects.
Data releases gauge the health of the economy and can impact the value of the Pound Sterling. Indicators such as GDP, Manufacturing and Services PMIs, and employment can all influence the direction of the GBP. A strong economy is good for Sterling. Not only does it attract more foreign investment but it may encourage the BoE to put up interest rates, which will directly strengthen GBP. Otherwise, if economic data is weak, the Pound Sterling is likely to fall.
Another significant data release for the Pound Sterling is the Trade Balance. This indicator measures the difference between what a country earns from its exports and what it spends on imports over a given period. If a country produces highly sought-after exports, its currency will benefit purely from the extra demand created from foreign buyers seeking to purchase these goods. Therefore, a positive net Trade Balance strengthens a currency and vice versa for a negative balance.
On Friday, the People’s Bank of China (PBOC) sets the USD/CNY central rate for the trading session ahead at 6.7168 compared to the previous day's fix of 6.7156.
PBOC FAQs
The primary monetary policy objectives of the People's Bank of China (PBoC) are to safeguard price stability, including exchange rate stability, and promote economic growth. China’s central bank also aims to implement financial reforms, such as opening and developing the financial market.
The PBoC is owned by the state of the People's Republic of China (PRC), so it is not considered an autonomous institution. The Chinese Communist Party (CCP) Committee Secretary, nominated by the Chairman of the State Council, has a key influence on the PBoC’s management and direction, not the governor. However, Mr. Pan Gongsheng currently holds both of these posts.
Unlike the Western economies, the PBoC uses a broader set of monetary policy instruments to achieve its objectives. The primary tools include a seven-day Reverse Repo Rate (RRR), Medium-term Lending Facility (MLF), foreign exchange interventions and Reserve Requirement Ratio (RRR). However, The Loan Prime Rate (LPR) is China’s benchmark interest rate. Changes to the LPR directly influence the rates that need to be paid in the market for loans and mortgages and the interest paid on savings. By changing the LPR, China’s central bank can also influence the exchange rates of the Chinese Renminbi.
Yes, China has 19 private banks – a small fraction of the financial system. The largest private banks are digital lenders WeBank and MYbank, which are backed by tech giants Tencent and Ant Group, per The Straits Times. In 2014, China allowed domestic lenders fully capitalized by private funds to operate in the state-dominated financial sector.
Japanese Prime Minister Sanae Takaichi said on Friday that the government will focus on measures to strengthen the economy by enhancing areas with competitive edge. She noted that market turbulence is impacting not only Japan but also countries around the world, adding that the government will closely monitor developments and assess their potential impact.
Key quotes
Aware AI, chip shares dropping sharply, unsure if temporary or lasting.
Focus on measures to reinforce economy by enhancing areas with competitive edge.
Market turbulence impacting not only Japan but nations worldwide, so monitoring progress closely.
Aim to use proceeds from BoJ’s faster ETF sales to fund spending on key areas for Japan's economic security.
Proceeds from BoJ ETF sales reflect Japan's economic growth, should be used to promote further growth and a virtuous economic cycle.
Proceeds from BoJ's accelerated ETF sales can fund bonds to help government secure funds for public spending targeting public investment.
Market reaction
At the time of writing, the USD/JPY pair is down 0.07% on the day at 157.90.
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.
US President Donald Trump said that Iran cannot do anything pertaining to its nuclear program without approval from the United States (US), the Times of Israel reported on Thursday.
“They’re not doing anything without our approval… It doesn’t make a difference what they’re looking at. They’re not going to have a nuclear weapon,” said Trump.
“Now we will make a decision [on Iran]. Do we want to go further… and certify it… so that it will never happen again. I would rather not destroy the rest of the country if possible, but maybe I will have to. You will know soon enough,” He added.
Seperately, US President stated that a "very big" deal is in the works with Russia to end the Ukraine war. These remarks came after Trump had an unscheduled meeting with Russian President Vladimir Putin's special envoy Kirill Dmitriev at the White House.
Market reaction
At the time of writing, the West Texas Intermediate (WTI) is up 0.40% on the day at $90.10.
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.
- WTI price edges higher to near $90.15 in Friday’s early Asian session.
- Democrats swept the House and Senate in Tuesday’s elections.
- Trump says Tehran can’t do anything on its nuclear program “without our approval.”
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $90.15 during the early European trading hours on Thursday. WTI gains traction as traders assess the outlook for US-Iran relations following the US midterm elections and recovering oil supplies from the Middle East.
Crude oil prices extend their recovery after facing Wednesday's sell-off. The Democrats swept the House and Senate in Tuesday's midterm elections, which prompted speculation that US President Donald Trump would face pressure to end the eight-month conflict with Iran.
However, the prospects for a quick resolution appeared considerably less certain. Traders reconsider whether the US midterm election results would actually bring a swift end to the Iran war.
The sell-off “could be getting a bit overdone,” said Rebecca Babin, senior energy trader at CIBC. “The market is in a shoot first, ask questions later mode as emotions run high after the unexpected election results,” Babin added.
Bob McNally, president of Rapidan Energy and a former advisor to President George W. Bush, said that the odds still favor military escalation in the region.
Trump stated on Thursday that Iran cannot do anything pertaining to its nuclear program without “approval” from the US. He added that “We need to decide whether to go further or certify it.”
Reuters reported at least five vessel incidents in the Persian Gulf since Sunday, with threats to commercial traffic persisting despite a recovery in crude shipments through the Strait of Hormuz.
Trump risk still looms over oil and trade despite calmer rhetoric
According to TD Securities, recent geopolitical signals may suggest a tilt toward de-escalation, but they caution that President Trump retains ample scope to unsettle markets. On geopolitics, the bank notes that “recent rhetoric appears to point toward de-escalation, but Trump could pursue escalation against Iran, which could send oil prices sharply higher.” They add that “the rates-oil correlation has reversed in recent weeks but could resume if oil prices spike sharply,” underscoring the potential for a renewed linkage between crude and interest rates if tensions flare.
On the trade front, TD Securities similarly stresses that “Trump has significant latitude on the trade front, though markets have become less reactive to modest escalations in trade policy.” However, they warn that “another major Liberation Day-type move could unnerve investors,” suggesting that while incremental policy shifts may now elicit a more muted response, a large, unexpected shock could still prove highly disruptive for risk sentiment.
Technical Analysis: WTI maintains a constructive outlook above the 100-day SMA
In the daily chart, WTI US Oil holds a constructive near-term bias as it remains above the 100-day simple moving average (SMA), keeping the broader uptrend intact despite the recent pullback from the mid-$90s. Price is currently lodged between the Bollinger Bands’ lower band and the middle band, suggesting consolidation within an established bullish structure, while the Relative Strength Index (14) around 41 shows cooling momentum rather than outright bearish pressure.
On the topside, initial resistance is located at the Bollinger middle band at $96.75, with a more significant barrier at the upper band near $105.15, where buying interest could start to fade. On the downside, immediate support is seen at the lower Bollinger band at $88.30, followed by stronger trend support at the 100-day SMA around $86.25; as long as these floors hold, dips are likely to be absorbed, keeping the bias tilted to the upside.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
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.
- Gold price climbs to around $4,085 in Friday’s early Asian session.
- Weaker US Dollar and lower oil prices ease inflation concerns, supporting Gold price.
- All eyes will be on the US September employment report on Friday.
Gold price (XAU/USD) jumps to a more than two-week high near $4,085 during the early Asian session on Friday, bolstered by a weaker US Dollar (USD) and lower oil prices. Traders will closely monitor the US September employment report for clues on rate policy, due later on Friday.
The precious metal extends the rally after the Democrats swept the US midterm elections. The sweep of Congress by Democrats sent oil sharply lower on speculation the election would speed an end to the Iran war and prompted investors to trim bets on US Federal Reserve (Fed) rate hikes.
“It’s not that at this point rate hike expectation has completely disappeared,” said David Meger, director of metals trading at High Ridge Futures. “As we’ve seen the weaker energy prices, there’s an expectation that we will see some fears of inflation subside and the potential for a lesser need for rate hikes down the road,” David added.
Markets are now pricing in nearly a 70.9% probability that the Fed will raise rates in December, according to CME’s FedWatch tool. Higher interest rates increase the opportunity cost of holding non-yielding gold.
The US jobs data will take center stage on Friday, which could offer some hints on the central bank’s trajectory. The Nonfarm Payrolls (NFP) is expected to show 65,000 job additions in September, while the Unemployment Rate is projected to stay unchanged at 4.2% during the same period. Any signs of improvement in the US labor market could lift the Greenback and undermine the USD-denominated commodity price in the near term.
Gold finds support as softer USD and lower yields lift precious metals
Strategists at OCBC report that "precious metals rebounded sharply following the US midterm elections, supported by a softer USD, lower US Treasury yields and oil prices as markets reassessed the implications of political gridlock for US fiscal policy and growth." They highlight that "gold rallied around 3%, reclaiming the 4000 level," with expectations that political gridlock may constrain fiscal expansion and weigh on US growth providing "some relief to yields," while "slippage in oil prices also lent support."
OCBC notes that, "encouragingly, gold has started to respond more positively to a favourable macro backdrop, following its earlier reluctance to benefit from lower yields and USD weakness." The bank is "cautiously optimistic that gold may be finding its footing," but stresses that "further gains would likely require some moderation in Fed tightening expectations and continued recovery in investment demand." The strategists add that they "continue to monitor real yields, USD direction, oil prices and ETF flows for signs of sustained buying interest," with "Friday’s US payrolls" flagged as "another important test."
Technical Analysis: Gold remains capped under the 100-day SMA
In the daily chart, XAU/USD remains capped in the near term, as spot holds below the 100-day simple moving average (SMA) while clinging just above the 20-day Bollinger middle band. This configuration suggests a corrective phase within a broader high-price environment, with the Relative Strength Index (RSI) at 49.63 signaling neutral to slightly positive momentum that has yet to challenge the dominant overhead trend barrier.
On the topside, initial resistance is defined by the 100-day SMA at $4,200, with the upper Bollinger band near $4,250 acting as the next hurdle if buyers manage a break higher. On the downside, immediate support is located at the 20-day Bollinger middle band around $4,070, ahead of a deeper cushion at the lower Bollinger band near $3,895, where a decisive drop would likely reinforce bearish pressure in the short term.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
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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