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Gold Confirmed (Once Again) its Status of ‘Safe-Haven’ in 2022

  • Last year, the strong momentum in global equities have left gold prices vulnerable; the precious metal was down 3.6% in 2021 following a 25.1% appreciation in 2020.
  • However, investors’ interest on gold has been rising this year amid surging geopolitical uncertainty.
  • While equities have experienced tremendous volatility in recent weeks, gold confirmed once again its ‘safe-haven’ status.
  • Momentum on precious metal has remained firm since the start of the year despite the strong USD and the surge in real yields; gold is up 1.5% against the USD since the beginning of January.
  • Gold broke above its $1,850 resistance on Friday following strong rally that day; next level to watch on the topside stands at $1,877.15 (Nov. 16 high).
  • The chart below shows that periods of surging price volatility (VIX) have been associated with a spike in the Gold/SP500 ratio.

Source: Bloomberg/MNI.

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