Gold has benefited greatly over the last month on the back of all the uncertainties surrounding Brexit, as well as the trade wars happening between the US and China but the precious metal may have just received an even bigger boost as expectations grow that the Fed may be done with their rate hiking cycle

Some say the price of gold would have been much higher than current levels if it wasn’t for the strength of the greenback and if the Fed do indeed leave rates on hold this year the US dollar is expected to tank which will give gold a huge boost

"The market is reconsidering its expectations for Fed rate hikes and as the expectations have been scaled back gold prices have been able to edge higher," said Suki Cooper, precious metals analyst at Standard Chartered Bank.

As history shows, when the US dollar strengthens, gold suffers which was obvious last year as the US Federal Reserve embarked on an aggressive rate hiking cycle which is had investors chasing higher returns which is not available in gold.

So the questions still arises, will the Fed halt their rate hiking cycle or will higher inflation force them to keep raising rates which will dampen any chances of a huge rally in gold? The answer to that should be obvious over the coming months.