“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.

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