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rr Due to expectations that Trump's future policies will stimulate U.S. economic growth and push up inflation, the dollar and certain cyclical areas, such as the banking industry, have strengthened, and the bond market has been hit hard.
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rr Luke, the fund manager of Schroeder Group, said that gold prices performed completely different before and after the US election. Rather than becoming a safe haven from major global economic and political instability, gold has sold off on expectations that U.S. real interest rates will rise and the U.S. dollar strengthens. A stronger dollar makes gold more expensive.
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rr At the same time, inflation-adjusted yields have risen, causing bonds to lose their appeal as an inflation hedge. This may wipe out gold’s gains this year. Gold has fallen to a six-month low since March. The world's largest gold holdings also fell to a four-month low.
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rr This is in sharp contrast to the situation in the first half of the year. In the first half of the year, gold outperformed and rose as the Federal Reserve was unable to raise interest rates as expected.
The interest rate futures market is now almost certain that the Federal Reserve will raise interest rates next month, which could push the dollar to year highs and exacerbate gold's decline. If the Fed's actions lag inflationary pressures, it would be positive for gold.
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rr Hunan Weide Bulk Commodity Spot Trading Center
Investment Hotline
Manager Liu
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