Why does not gold behave like an asset from the safe heaven group?
In recent months, the prices of gold are mainly influenced by: the strengthening of the US dollar against other currencies, and the interest rate policy pursued by the US Federal Reserve (Fed). There is a classic dependence here, that a higher level of interest rates with a low level of inflation and a more expensive dollar limits the potential for growth for the increase in the price of gold. Due to the less attractive USD exchange rate, the largest buyers of gold, i.e . China, Russia, Germany, limited their purchases. All these factors have made the valuation of bullion oscillate around the psychological level of 1200 USD / oz (over 11% less than in April 2018).
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