Gold Weakens As Dollar Climbs to 22-Year High Vs. Euro

Dow Jones2022-07-05

Gold prices weakened again on Thursday, breaking below $1,800 per ounce, as the U.S. dollar climbed to a new 22-year high against the euro.

Price action

Gold prices for August delivery shed $4, or 0.2%, to $1,797.
Silver prices for September delivery were flat at $19.70 per ounce.
Palladium prices for September delivery were off $37.10, or 1.9%, to $1,901 per ounce.
Platinum prices for October delivery dropped $15.50, or 1.8%, at $855.50 per ounce.
Copper prices for September delivery were down 13 cents or 3.6%, to $3.47 per pound.

What analysts are saying

Naeem Aslam, chief market analyst at AvaTrade, blamed the dollar’s moves for driving price action in gold.

The greenback EURUSD traded at a new 22-year high against the euro on Tuesday, with one dollar buying roughly 1.03 euros.

Jim Wyckoff, senior analyst at Kitco.com, said technical indicators in recent trade for both gold and silver are now “fully bearish.”

“The metals are feeling the pressure of a stronger U.S. dollar index that notched a 20-year high overnight,” Wyckoff added.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

ahleemama
2022-07-05
ahleemama
SHORT
PoptartBob
2022-07-05
PoptartBob
good
- PoptartBob:
  good
- LMSunshine:
  Are you new to Tiger? If yes,🥳welcome to the Tiger Community.I can’t follow more people as my app keeps crashing.If you follow me,I can check your homepage regularly & help to like your post too!
- PoptartBob:
  this
- PoptartBob:
  googd
- PoptartBob:
  great
Jennifer58
2022-07-05
Jennifer58
Nice
har888
2022-07-05
har888
Great 👍

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