Why Bessent's Treasury operations have breathed life back into the gold trade

Strategists expect Scott Bessent’s yield-curve-control approach to be detrimental to the U.S. currency, implying downward pressure on the dollar (gold rises because it’s viewed as a reciprocal to USD). The piece frames this as a consensus FX headwind rather than a single confirmed policy outcome, so near-term impact is likely more moderate than market-moving.

Analysis

Strategists expect Scott Bessent’s yield-curve-control approach to be detrimental to the U.S. currency, implying downward pressure on the dollar (gold rises because it’s viewed as a reciprocal to USD). The piece frames this as a consensus FX headwind rather than a single confirmed policy outcome, so near-term impact is likely more moderate than market-moving.