If a US recession looms, central banks could be forced to ease monetary policy sooner than they would have in previous cycles and before core inflation is truly under control. That could mean that inflation takes hold in a more structural way. In our view, real interest rates will fall, which should be positive for gold.
https://consensodelmercado.com/es/opinion/que-perspectivas-tiene-el-oro-si-persiste-la-inflacion