“We’re starting to see a reversal in that dollar rally, which has been precipitated by the outlook of higher rates as well as pressuring that gold market,” Gordon added. “So we’re starting to see a bit of a reversal” in gold, reports CNBC.
Speaking of the dollar, the Invesco DB U.S. Dollar Index Bullish Fund (NYSEArca: UUP), which tracks the USD’s movements against a basket of major developed currencies, is down 1.41% over the past week.
For more information on the gold market, visit our gold category.
Tom Lydon’s clients own shares of GLD.