USD strength beats down Gold prices

Note: This section contains information in English only.
Source: Dukascopy Bank SA


At mid-day on Wednesday, the price of gold started a decline, which by the middle of Thursday's European trading had extended by more than 3.00% when the commodity price hit the $1,750.00 level.

The decline was attributed to the continuous strengthening of the US Dollar.

Namely, on Wednesday at 12:30 GMT, the Empire State Manufacturing Index came in at 34.3 instead of the forecast 18.1. US Crude Oil Inventories at 14:30 revealed a US inventories drop of 6.4 million instead of forecast 3.6 million. This caused an upwards move in oil prices, which in turn boosts the demand for the USD, as oil is traded in US Dollars.

Afterwards, on Thursday, much better than expected US Retail Sales caused another all-out surge of the USD. Core Retail Sales were published to be +1.8% instead of -0.1% and the Retail Sales were +0.7% instead of expected -0.7%.
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