• Price Change UP Icon Gold $2,221.00 +31.00
  • Price Change UP Icon Silver $24.85 +0.29
  • Price Change UP Icon Platinum $915.00 +11.00
  • Price Change UP Icon Palladium $1,028.00 +27.00
U.S. Dollar Performance
August 9, 2023

How is gold performing in the face of the recently firm Dollar?

Reuters, by Pratima Desai in
Share On Social Media

“Gold Drops on Firmer Dollar, but Outlook Bright

Gold prices fell on Thursday as the dollar firmed, but analysts said investors seeking refuge from financial market turmoil should boost the precious metal over coming months.

Spot gold was at $795.10/795.80 a troy ounce at 8:57 a.m. EST, compared with $801.10/801.80 late in New York on Wednesday.

The precious metal touched a 28-year high of $845.40 an ounce in early November as investors, worried about the credit market freeze and financial instability, ran for cover.

‘Considering how much the dollar/euro has moved, gold is holding up reasonably well,’ said Stephen Briggs, economist at SG Corporate and Investment Banking.

‘Market conditions are thin and it could be volatile but we don’t have enough momentum to go out of the current range.’

The dollar rose to two-month highs against the euro and a basket of major currencies.

A stronger U.S. currency makes dollar-denominated metals more expensive for holder of other currencies.

‘The dollar is a bit stronger,’ said Philip Carlsson, global product manager at Saxo Bank. ‘Longer term gold is still within an uptrend, going towards $1,000. We haven’t seen the lower boundaries of the dollar yet and investors are nervous.'”

*This information is solely an excerpt of a third-party publication and is incomplete. Please subscribe to the referenced publication for the full article. This is not an offer to buy or sell precious metals. Investors should obtain advice based on their own individual circumstances and understand the risk before making any investment decision.

Get Your Free Report
A Rising Storm
All form fields are required *
Thank You

Want your kit sooner?

Faster delivery
is available by phone.

800-444-8317

Download Your Report

Enter your phone number to be connected to a Monex Account Representative.

Thank You
Want your kit sooner?

Faster delivery is

available by phone.

800-444-8317
All form fields are required *
Embed Spot Prices!
Copy and Paste below code into your HEAD tag / before end tag of body to embed chart.
Copy and paste code below wherever you want your chart displayed.
Copied to clipboard
Embed This Chart!
Copy and Paste below code into your HEAD tag / before end tag of body to embed chart.
Copy and paste code below wherever you want your chart displayed.
Copied to clipboard
FREE REPORT OFFER
A Rising Storm
Thank You
Please check your email for a confirmation link and Free Report!
I agree to receive news and promotional material from this website and understand I can cancel at any time. Privacy Policy