Your and my assumptions may be correct, but if people (general public) believe inflation is contained and see (believe) a better return on their money can be had by parking it in a savings account or CD, they will opt for that over the physical asset. Perception is everything, not as you or I would have it or even if we think/know better than John Q Public...
The weak dollar and inflation fears are what is pushing up gold, not interest rates...
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