But these relationships have been “on and off” for the last few years, as wider factors such as demand for gold from central banks — particularly that of China — has outweighed dollar and U.S. Treasury moves, according to Hamad Hussain, commodities economist at Capital Economics.
“Trump’s tariff proposals and a more hawkish Fed do add to the downside risk for gold. All else being equal, that would lead to lower gold prices. But we expect non-traditional factors to be stronger next year,” he told CNBC by phone.
