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Gold gained on a weaker dollar and the Fed chief's dovish tone on rate hikes. Markets were pricing in rate cuts as concerns grew about a US economic slowdown late in 2019 and into 2020.
A weaker dollar and expected rate cuts support dollar-denominated commodities, but the story centers on gold, which has limited feed market impact.
After 1,637 past bearish macro events, US Dollar (Broad) moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), and -0.2% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.