, Columnist
All That Glitters Is the Dollar's Weakness
The metal's recent rise isn't about inflation rising or cryptocurrencies falling.
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Gold has been on a tear of late, climbing more than $100 per troy ounce in the last six weeks, briefly exceeding the 2017 high of $1,359 in the process.
Coincidental with that have been three important market moves: the weakening of the U.S. dollar, sharp downturns in cryptocurrencies and a rise in bond yields. Simply put, a weak dollar tends to drive commodities prices upwards, as is evident in the price of oil. Only by looking at the performance of gold in other currencies can a discernible trend be spotted. And there isn't one.