(Kitco commentary) - Back at the beginning of 2022, the dollar index fell to a low at around 99 points. After hitting those lows, the dollar entered a trend with an upward trajectory which concluded at a recent record high just above 114 points on September 28, 2022.
Back at the beginning of 2022, the dollar index fell to a low at around 99 points. After hitting those lows, the dollar entered a trend with an upward trajectory which concluded at a recent record high just above 114 points on September 28, 2022. The dollar index traded lower from the highs of 114 points correcting for 10 months when on July 18, 2023, it hit an intraday low of 99.14. This marked the end of the correction and the beginning of a rally that continues to this day.
As we witnessed today during trading sessions in which market participants are bidding gold prices higher, if the dollar index is also trading higher gold must first overcome dollar strength. Currently, gold futures are fixed at $1943.70 after factoring in today’s decline of $0.60, or 0.03%. Simple math reveals that if the dollar gained 0.24% and gold traded lower by 0.03%, then we would have seen a gain of 0.21% in gold had there been a neutral dollar.
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