Gold is at a Five-Week Low Due to Strong Dollar

London: 14 August 2023 (TraderMade): Gold has been among the most preferred and discussed precious metals globally. Many investors prefer it amid economic uncertainty.

Gold prices are affected by many economic factors. This time, a stronger US dollar after the US Consumer Price Index Release and some relevant factors caused a fall in gold prices to a five-week low.

Spot Gold was 0.5% lower at $1903.50 per ounce on 14 August. Similarly, gold futures declined by 0.6% to $1935.80 per ounce.

A 0.5% increase in the US dollar during the last month has been a significant reason. Similarly, the financial markets have mixed sentiments for interest rates in the next quarter. The US CPI released last week showed that the inflation is slowing yet still above the Fed target of a 2% rate. Economists anticipate that the Fed may maintain higher interest rates.

Therefore, economists believe that Fed's hawkish briefs may influence Gold prices. US bond yields, US retail sales figures, and the Fed's July meeting minutes may keep the markets on their toes.

Therefore, in-depth market analysis and staying updated with the live prices are crucial to make informed decisions.

We help you stay tuned with the CFD market by providing live Gold live price updates. Please note that XAU is the ticker symbol of Gold.