Roukaya Ibrahim

speaker

167 appearances 1 recordings 1 series first heard Aug 2026 last heard 2 Aug

Roukaya Ibrahim’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 1 in all, peaking in Aug 2026 with 1.

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WSJ's Take On the Week · Why Oil Prices Could Hit a Breaking Point by Year End · 2 Aug 2026 podcast

You know, it's been really interesting to see that because that is, you know, while it's true, historically, gold does have a very tight inverse relationship with both real rates and the U.S.

dollar.

But that relationship actually broke down between 2023 and 2025.

And we've only seen that relationship reconverge since the beginning of this year.

And I think that highlights that the gold market

dynamics have shifted.

The drivers of gold demand have shifted, whereby while central bank demand, the main driver over the past few years, remains strong, central banks are trying to diversify their reserves away from U.S.

dollar assets and into gold.

Yes, that is correct.

And that ultimately is continuing, but it's just putting a floor beneath gold prices.

And there's this added layer now that we saw an increase in investment demand, ETF demand for gold last year.

And that has made gold prices more vulnerable and exposed to what happens to real rates in the U.S.

dollar, which I think is what's driving that relationship this year.

Yeah, I mean, ultimately, real rates in the U.S.

dollar are sort of the opportunity cost of holding gold.

So when you see a stronger dollar, higher real rates, that does translate into weaker demand for gold.

And so there is that very strong inverse relationship historically between gold prices, real rates, as well as gold prices in the U.S.

dollar.

Yeah, absolutely.

So core CPI is basically headline CPI.

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