Domestic gold prices
Domestic gold price trends
Trends in world gold prices
Global gold prices plummeted amid a strengthening US dollar. At 6 AM, the US Dollar Index, which measures the dollar's fluctuations against six major currencies, stood at 105.487 points (up 0.42%).
Ole Hansen, commodity strategist at Saxo Bank, said that after surging too sharply in a short period, the gold market is showing signs of calming down. Investors are cautious, so the market needs to consolidate.
Juan Carlos Artigas, head of global research at the World Gold Council (WGC), said in an interview with Kitco News that central bank demand highlights the diversified role of gold in investment portfolios.
Meanwhile, analysts say it's unsurprising that central banks continue to buy gold as they diversify away from the US dollar.
In a recent interview with Kitco News, Robert Minter, head of ETF investment strategy at Abrdn, said that it is unlikely the US dollar will lose its status as the world's reserve currency, but countries will continue to diversify their foreign exchange reserves. This is negative news for the US dollar but positive for gold.
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