Gold just can’t catch a break; between the dollar and the inflation, there doesn’t seem to be any relief in sight for the former safe-haven metal.
Inflation has increased and affected Gold around the world. This should come as no surprise considering the boost the USD received over the last week because of the Fed and the other significant echoes of that particular meeting. The ever-widening gulf between gold and the coveted (since last year, anyway) $1,900 price point has not surprised many investors but it has left them frustrated.
After suffering a major loss last week, gold rose out of the doldrums and into relative cloud-city territory. This, of course, was helped along by the evening out of the dollar Monday, which, while not good for many other markets was indeed good for gold.
Spot gold was not changed by much, sitting at $1,784.14 an ounce at 9:14 a.m. in Singapore, after rising 1.1% on Monday. Prices declined 6% last week, the most since March 2020. Silver backed off as well, but platinum and palladium stabilized, MetaNews reported. Gold just can’t catch a break.