Dollar weakness erases gold’s losses resulting in modest gains

NEW YORK (July 19)  As of 5:44 PM EDT gold futures basis, the most active August 2022 contract is fixed at $1707 after factoring in today’s gain of $3.40 or 0.20%. At the same time, the dollar gave up 0.57% and is fixed at 107.30. This means that gold had a fractional decline before factoring in the increase because of dollar weakness.

This can also be seen in spot gold pricing which is currently fixed at $1709.30. On closer inspection dollar weakness added $8.90 per ounce and traders bid the precious metal lower by $8.20 resulting in a net gain of $0.70. This is according to the Kitco Gold Index.

KITCO