The strength of the US dollar y is triggering a sizeable drop in gold prices. During today’s session bullion has breached the $ 1,780 support and plunged into regions unseen since December 2021. At present, gold is losing more than 2%. Tighter financial conditions across major economies raised fears of a global recession, pushing investors towards the safety of the dollar and prompting a broad decline in commodity prices. Nevertheless, gold has performed relatively well during previous crises, the question remains whether the situation could repeat itself this time as well.
Gold fell below this year's lows due to the strength of the US dollar. Source: xStation5
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