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Gold: The three-year rally may not be over yet
The Middle East conflict is weighing on gold prices amid expectations that central banks will raise interest rates to address rising inflation driven by oil prices. This seems like a knee-jerk reaction, as this is precisely how central banks acted in 2022. Moreover, it is widely acknowledged that this was a belated response. Another factor working against Gold is the reduction in gold purchases, as well as the sale of gold from reserves to support national currencies, as India and Turkey have been doing recently. It is possible that many others are doing the same, but we are not yet aware. This is a rather ... (full story)