Is gold losing relevance? These factors will decide

On January 30, after Kevin Warsh was nominated as the next chairman of the US Federal Reserve,

gold prices

plunged 11% — the steepest one-day fall since 1983. Since then, the yellow metal has remained under pressure, falling more than 25% amid expectations of a more hawkish US monetary policy stance.
The Fed is expected to raise the federal funds rate further in the latter part of the year to combat inflation and bring it back towards the 2% target. Despite falling oil prices, stronger-than-expected US labour market data has fuelled speculation that the Fed could resume rate hikes rather than move toward rate cuts.