The gold price is declining against the USD strengthening

Gold falls in price on Tuesday morning. According to the Comex trade data, by 8.17 Moscow time, its troy ounce drop in price by 1 dollar 60 cents or 0.09%. It traded at $1,820.15. An ounce of silver fell to $22.858, or 0.94%. The precious metals market is under pressure due to the strengthening of the US currency. The dollar appreciation makes buying gold and other metals unprofitable for investors with other currencies. According to the latest info, the dollar index rose by 0.19% to 95.58 points. Investors are waiting for the statistics unleashed in the USA. In particular, data on January inflation will be publicized on Thursday. Many analysts consider that it will continue to grow. They predict January inflation to pick up 0.3 percentage points from December’s consumer price growth to 7.3%, the highest inflation rate in the US in nearly 40 years. If the statistics are in line with the forecast, then the demand for gold will increase.

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Arseny Kudrin

Publicist, trader

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