“If the Fed is fighting inflation, then gold suffers — it's not as good of a hedge because the competition for gold is short-term interest rates. So if those are going up, gold goes down, and vice versa.”

Bob Iaccino · said 2026-08-18 · reported 2026-08-18

Iaccino explained to Yahoo Finance's Julie Hyman when gold works as an inflation hedge relative to short-term interest rates.