As you know, on any given day the price change in gold is the result of the combination of dollar strength or weakness and bullish or bearish market sentiment bidding the precious yellow metal higher or lower. In today’s case the vast majority of gold’s decline can be directly attributed to dollar strength. Solid economic data pertaining to U.S. retail sales gave a boost to the dollar against all major currencies. As of 4:15 PM EDT the dollar index is currently back above 97, at 97.035 which is a increase of.49 points or +0.51%. At the same time gold futures basis, the most active August contract is... Read more
As you know, on any given day the price change in gold is the result of the combination of dollar strength or weakness and bullish or bearish market sentiment bidding the precious yellow metal higher or lower. In today’s case the vast majority of gold’s decline can be directly attributed to dollar strength. Solid economic data pertaining to U.S. retail sales gave a boost to the dollar against all major currencies. As of 4:15 PM EDT the dollar index is currently back above 97, at 97.035 which is a increase of.49 points or +0.51%. At the same time gold futures basis, the most active August contract is... Read more
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