Dollar weakness did not overcome the selling pressure in gold kitconews gold silver mining finance metals investing economics
Over the last three trading days, market participants have been active sellers of the dollar taking the dollar index substantially lower. On Thursday, July 14 the dollar hit its highest value during this rally taking the index to an intraday high of 109.12. The dollar index has lost approximately 2.6% in value in the last four trading days when compared to the intraday high on Thursday to today’s low of 106.57.
Even with extreme dollar weakness gold has diminished in value from the opening price on Thursday, July 14 to the current price of gold futures which is $1710. The differential between the opening price on Thursday to current pricing results in a loss of approximately $23 or -1.32%. Another factor investors have been considering when allocating capital to their overall portfolio is the recent weakness of the Eurodollar when compared to the U.S. dollar. Weakness in the Euro when compared to the dollar could be tied to the aggressiveness of the Federal Reserve to combat inflation by raising rates to a much greater extent than the European central bank.
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