The dollar continues to be the primary driver for pricing in precious metals
Market participants continue to be laser-focused on upcoming changes to the monetary policy of the Federal Reserve. It is the monetary policy of the Federal Reserve and its challenge of bringing inflation down that has been one of the primary drivers of price changes in the financial markets across the board. However, investors and traders of gold and silver also need to factor in dollar strength or weakness. Because precious metals are priced globally in U.S. dollars.
Dollar strength was the primary driver of the net price change in gold and silver today. The dollar gained 0.49% or 0.513 points resulting in the dollar index moving to 104.945 One of the best ways to illustrate that point is to look at the spot pricing of gold and silver through the eyes of the Kitco Gold Index . The screen-print of the KGX was taken at approximately 6 PM EST and shows that the price of spot gold is $1835.90 and $20.90 for spot silver.
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