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Reporting on key macro data at the time of release.
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- Over time, the most important drivers of gold prices have been real interest rates, monetary growth, government risks and the US Dollar.
- As investors view gold as the 'currency of the last resort', periods of strong USD depreciation have been associated with higher gold prices.
- However, the chart shows that the past four weeks have been marked by both USD and gold appreciation.
- We have seen that demand for 'safe assets' has been surging in the past two months amid rising uncertainty over the Delta variant and the sharp contraction in Chinese liquidity.
- Hence, the deceleration of the global economic activity combined with rising uncertainty for the winter 2022 (especially in EM economies) could continue to support risk-off assets in the near to medium term.