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CME analysis notes gold rallied nearly $100 from its December low of around $1,240 an ounce even as Fed funds futures priced in higher rates. The correlation between gold and rate expectations has weakened recently.
Gold's rally despite rate hikes was driven mainly by dollar weakness, a macro dynamic with little direct bearing on feed markets.
cmegroup.comFeb 1, 2018After 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.
