Will rising interest rates keep gold prices down?

According to Larry, gold is bottoming and is about to embark on a new bull market that will take it to at least $5K. Not  at once and not without correction, but up there.

The FED is thinking of raising interest rates. Some people think that the FED has to. The conventional wisdom is that rising interest rates pump up the  Dollar which then keeps gold down since gold is quoted in Dollars.

Are these relationships true? Let's see what happened when the fed raised rates the last time.

 

What we see is  that gold bottomed a month before the rise in interest rates and kept rising with the rising interest rates. We see that this time gold hit a new low in November and is getting ready to go higher as the rate hikes happen.