Gold Price Falls Slightly as US Dollar Gets Stronger
Gold prices dropped a little after reaching a recent high. Right now, gold is trading near $3,362. The main reason for this drop is the US dollar becoming stronger. When the dollar goes up, gold usually goes down because it becomes more expensive for people using other currencies. This led to some traders selling gold to take profits.
Earlier, gold had gone up by around 2.7% in one day — the biggest jump in more than three weeks. This rise was due to worries about trade tensions between the US and China. When such global risks increase, people usually invest in gold because it’s seen as a safe option.
Other metals also saw changes. Silver went down by 1.9% to $34.12. Platinum went up slightly to $1,064.66, and palladium fell a bit to $986.10.
Impact:
Gold prices could move more depending on the US dollar and global trade news. If trade tensions grow or the dollar weakens, gold might rise again. But if the dollar stays strong, gold could stay low.