Dollar Slump Fuels Gold Rally Amid Falling Oil Prices

The price of Gold has increased as falling oil prices have eased inflation and rate hike fears. The US Dollar's decline has also contributed to the rise in Gold prices.

Central banks are adding to their reserves, with a record $70 billion worth of Gold purchased in 2022. This move is likely to support the perceived strength of their economies and currencies.

The Federal Reserve, Bank of England, and Bank of Japan meetings will be closely watched this week for clues on interest rate decisions. The US GDP, core PCE inflation, and Eurozone and Australian CPI reports are also key releases that could influence global interest rates.