A week ago, an ounce of gold cost almost 3,400 dollars, which means that the price of the precious metal has increased by about 3 percent in a week.
But the price of gold in world trade is set in dollars and during the same week, the US dollar has fallen from 9.56 kronor to 9.39 kronor during the night's trade – a decline of about 1.8 percent. The dollar is thus circulating at the lowest level against the krona since the spring of 2022.
The dollar weakening – and the gold rally – comes after a period of turmoil surrounding the US central bank Federal Reserve (Fed), where President Donald Trump tried to fire Fed member Lisa Cook. The market movement is also explained by clearly increased expectations that the Fed will lower the interest rate.
Gold is usually considered a safe haven in political and economic turmoil and is normally benefited by a lower interest rate.
The gold price has risen by more than 30 percent this year, making it one of the best performing commodities on the world market. But the dollar has at the same time lost just over 15 percent of its value against the Swedish krona – which erases a lot of the gold rally for Swedish speculators.
