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Gold Won’t be Tied to US Dollar Forever

Mining Weekly reported that according to the World Gold Council, the US-centric view of gold won’t continue indefinitely.

Driving home that point, the organization emphasized that it’s important for market participants to realize that while the yellow metal fell about 11 percent in US dollar terms in 2015, its price rose in at least three other currencies.

As quoted in the market news:

 It was the local price – and not the US dollar price – that mattered most, as more than 90% of physical gold demand now arose from non-dollar investors.

This was happening against the background of the interconnectedness of global financial markets presenting lower potential reward and bonds offering less protection at a time of market volatility risk in advanced economies.

The council concluded in a six-page investment commentary that conditions likely to make 2016 different from 2015 included interest rates no longer being a dominant driver of the gold price.

Click here to read the full Mining Weekly report.


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