Gold plumbs three-month lows as dollar strengthens

2022-05-13 11:07:47 GMT (Economies.com)
Gold plumbs three-month lows as dollar strengthens

Gold prices took a hit in European trade to three-month lows, sharpening losses for yet another session as the dollar strengthens, with gold prices now heading for the fourth weekly loss in a row. 

 

Gold Prices

 

Prices slid over 0.6% to $1,810 an ounce, the lowest since February 7, after closing down 1.6% on Thursday as dollar spiked. 

 

Gold is down 4% this week, on track for the fourth weekly loss in a row, the longest such streak this year.

 

US Dollar

 

The dollar index is trading near 20-year highs at 104.92 against a basket of major rivals. 

 

US inflation data astounded expectations once more and paved the way for a rate hike next month.

 

Estimates 

 

Now analysts expect gold to give up the $1830 barrier, and potentially hit the important barrier of $1800.

 

The SPDR 

 

Gold holdings at the SPDR Gold Trust fell 5.8 tones yesterday, the sixth decline in a row, to a total of 1,060 tones.

 
 
 
  Symbol Last Change Chg.%
1.0740
0.0087
0.8209%
1.2616
0.0053
0.4239%
22.111
0.199
0.908%
113.767
3.628
3.294%
117.00
-0.29
0.25%
1853.605
-2.830
0.152%
 
 
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