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Opinion
John Authers

Gold Is Getting That Inflation Feeling Again

The prospect of higher interest rates is bad news for the ultimate shiny yellow zero-coupon long-duration asset.

Progress in the fight against Covid has been bad for gold.

Progress in the fight against Covid has been bad for gold.

Photographer: Dario Pignatelli/Bloomberg

Corrected

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As 2021’s first quarter comes to an end, gold hasn’t enjoyed a great time of it. The precious metal has tumbled 19% from its high last August and is back where it was in February of last year, before the pandemic hit the developed world.