There were dips in gold throughout the week, but gold has been on an almost three-week high. Investors have been worried that inflation would go up as the U.S. dollar has risen from a three-year low.
The U.S. dollar was facing up against all kinds of different currencies as it was able to bounce back. However, negative tones from the idea of Treasury yields rising caused the dollar to head back into the world of losers.
Gold’s spot price was a tad bit lower, coming in at $1,348.58 an ounce. Earlier in the trade, it was at $1,361.76. Gold futures for the month of April came in at $1,356.20 an ounce, rising 0.1 percent. Gold is at the best it’s been since back in October of 2017.
Dips In Gold Prices
For the current session, there has been little change for gold. Even so, the rising of the dollar has peaked some investors interests. Though we see some bounce back for the dollar, concerns still remain for the future of the currency.
When it comes to the dollar and gold, things are pretty good, however, not so much when it comes to other currencies.
Some investors worry about the U.S. government pursuing a strategy for a weaker dollar. Nations abroad are looking at the idea of tightening their monetary policies. Due to the holiday, gold wasn’t as sought in Asia. For those in India, gold was sold at a lower price for the first time in weeks.
Other precious metals were down as well. Silver came in at $16.66 an ounce, 1.3 percent lower than previous weeks. However, technically, it is still on the rise. Platinum was up 0.2 percent, coming in at $1,003.24 per ounce. The precious metal was at a high point at the tail end of January, coming in at $1,012.70 an ounce.
Palladium didn’t see any dips itself, coming in at $1,040.97 per ounce. Going up 6.8 percent this week, this is the biggest increase for the precious metal since last October.