Gold is still considered to be an inflationary hedge asset against currencies, including the US Dollar. If you are studying the day-to-day movements, many will miss it. However, if viewed from the macro perspective, Gold is clearly a winner.
According to Bloomberg, with Truss Budget Shocks last week, brokerages see surge in demand from British retail investors and London gold dealers run out of bullion.
The real danger will be with the continuous rise in interest rates and yet the dollar starts weakening, just like the pound. Not happening now, I am keeping watch on this closely.
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