Gold Rally Analysis

Despite the traditional cross-asset relationships, the gold rally has seen unusual strength even with a strengthening dollar and high interest rates. Central banks like the Bank of China and the Bank of Poland have been key drivers of this rally, accumulating gold rather than trading it actively. The volatility of this gold rally has been remarkably low, contrary to typical market behavior where volatility increases with price rallies. As the rally progresses, there is anticipation that it may transition into a more Wall Street-driven movement.