Gold price is all about the U.S. dollar and interest rates right now: RBC Wealth Management
(Kitco News) Gold is most sensitive to the U.S. dollar and interest rate moves at the moment, according to RBC Wealth Management managing director George Gero. “Gold short-term reaction more about dollars and interest rates now, as all known political and economic headlines causing worries globally are priced in,” Gero says. In the long-term, gold still looks to the key psychological $2,000 an ounce level and silver is aiming at $30 an ounce. “Options on futures keep adding and may add to volatility. U.S.-China tensions increased worries, pandemics, political headlines and Wednesday Fed decisions and clues weigh on traders,” writes Gero.