This ought to be a great time for gold.
Interest rates are generally low around the world, and major central banks have quantitative easing programs in place. Those conditions mean gold's lack of yield is less of an issue, and they usually translate to higher gold prices. Just not now.
Amelia Bourdeau, director of foreign exchange at Westpac Institutional Bank, says the Federal Reserve is to blame. The meeting minutes released last week showed a hint of hawkish sentiment at the central bank, and she told CNBC's Melissa Lee that was enough to spook gold buyers since the Fed is "the mainstay behind the higher gold trade."
But a currency is giving hints that gold may be getting ready to rise.