This is a syndicated repost courtesy of Money Morning. To view original, click here. Reposted with permission.
After falling 6.8% from the June 6 peak of $1,298, the price of goldseemed to have finally hit a bottom on Friday, July 7.
That was when gold prices fell 1.1% to $1,210 – the lowest since March 15. However, the metal has rebounded 1.5% since then to today’s gold price of $1,230.
This week’s gains mostly came from renewed weakness in the U. S. dollar. After all, the U. S. Dollar Index (DXY) has declined from 96 basis points on July 7 to 95.27 today.
And the dollar’s weakness is no real surprise, thanks to the U. S. Federal Reserve.
This post was published at Wall Street Examiner by Peter Krauth ‘ July 14, 2017.