Dollar weakness erases gold’s losses resulting in modest gains kitconews gold silver investing metals economics finance mining
As of 5:44 PM EDT gold futures basis, the most active August 2022 contract is fixed at $1707 after factoring in today’s gain of $3.40 or 0.20%. At the same time, the dollar gave up 0.57% and is fixed at 107.30. This means that gold had a fractional decline before factoring in the increase because of dollar weakness.
While dollar strength or weakness is intrinsically always a component of the net change in gold prices, recently it is been the predominant driver moving gold to lower pricing as the dollar moved to its highest value since 2002. Last week the dollar traded to a high of 109, well above a double top that occurred at approximately 104. 104 had been the highest trading value of the dollar index since the middle of 2002.
On Thursday and Friday of last week, gold prices slipped briefly below $1700. Today gold traded to a low of $1704.40. However, it closed well above its high today of $1722.
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