Gold price bounces back in second half of August as dollar weakens
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Global Precious MMI: Gold prices drop in June, bounce back after Fed chairman s testimony
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The
Global Precious Monthly Metals Index (MMI) jumped by 7.1% for this month’s index reading, as the gold price gained while the US dollar retraced.
Gold price up to three-month high
After stumbling to around $1,735 per ounce in late February, the gold price has gradually picked up steam.
The gold price closed April around $1,790 per ounce. However, gold really picked up last week, closing Friday at around $1,831 per ounce.
The price marked its highest since February.
Instructive for commodities in general, the US dollar has lost strength in recent weeks. In general, the US dollar and gold trade inversely.
The US dollar index closed March at 93.30 before steadily declining in April down to 90.60. Despite a slight recovery in early May, the dollar has continued to slide. The dollar index closed Friday at 90.23.