Gold Dips & The U.S. Dollar Rises
Gold prices are on a decline this week amid the escalating conflict in the Middle East between Israel and Palestine. The precious metal fell to its March 2023 lows dipping below the $1,850 mark early this month. While it recovered and climbed above $1,900, gold is again experiencing a downturn while the U.S. dollar is strengthening.
Also Read: U.S. Continues To Fund 2 Foreign Wars Despite Being $33 Trillion in Debt
The U.S. dollar not only outperformed gold, it also surpassed oil, commodities, and leading currencies, including BRICS currencies. Global investors are flocking to the U.S. dollar due to the ongoing conflict in Israel and Palestine. The U.S. dollar is now seen as a safe haven amid turmoil in the Middle East and Russia and Ukraine.
U.S. Dollar Rises Against Gold & Other Currencies
Institutional investors are selling their foreign assets as the forex and commodities market is experiencing destabilization due to the conflict. The ongoing conflict is helping the U.S. dollar become stronger as the currency is seeing good inflows this week. Many other leading currencies experienced an outflow in funds making them end at a new low against the U.S. dollar.
Also Read: BRICS Is Now Richer Than G7 Countries
However, the development is only temporary as funds will begin to spread across all sectors when the conflict settles down. Avoiding putting all eggs in one basket (the U.S. dollar) is the main motto of the markets.
The rising U.S. dollar is becoming a cause of worry to Asian countries like India, Japan, and China. Their local currencies, Rupee, Yen, and Yuan are ending at a new low against the U.S. dollar. To stop the Rupee from ending on a low, India is accused of market intervention by dumping billions of dollars.
Also Read: Experts Predict If BRICS Currency Can Dethrone the U.S. Dollar
On the other hand, China placed a transaction limit on companies dealing with the U.S. dollar in the country. Japan is also looking at ways to stall the U.S. dollar’s growth and put the Yen forward in the markets. In conclusion, the U.S. dollar reigned supreme in October 2023 outperforming gold, oil, commodities, and other currencies.
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Gold Dips & The U.S. Dollar Rises
Gold prices are on a decline this week amid the escalating conflict in the Middle East between Israel and Palestine. The precious metal fell to its March 2023 lows dipping below the $1,850 mark early this month. While it recovered and climbed above $1,900, gold is again experiencing a downturn while the U.S. dollar is strengthening.
Also Read: U.S. Continues To Fund 2 Foreign Wars Despite Being $33 Trillion in Debt
The U.S. dollar not only outperformed gold, it also surpassed oil, commodities, and leading currencies, including BRICS currencies. Global investors are flocking to the U.S. dollar due to the ongoing conflict in Israel and Palestine. The U.S. dollar is now seen as a safe haven amid turmoil in the Middle East and Russia and Ukraine.
U.S. Dollar Rises Against Gold & Other Currencies
Institutional investors are selling their foreign assets as the forex and commodities market is experiencing destabilization due to the conflict. The ongoing conflict is helping the U.S. dollar become stronger as the currency is seeing good inflows this week. Many other leading currencies experienced an outflow in funds making them end at a new low against the U.S. dollar.
Also Read: BRICS Is Now Richer Than G7 Countries
However, the development is only temporary as funds will begin to spread across all sectors when the conflict settles down. Avoiding putting all eggs in one basket (the U.S. dollar) is the main motto of the markets.
The rising U.S. dollar is becoming a cause of worry to Asian countries like India, Japan, and China. Their local currencies, Rupee, Yen, and Yuan are ending at a new low against the U.S. dollar. To stop the Rupee from ending on a low, India is accused of market intervention by dumping billions of dollars.
Also Read: Experts Predict If BRICS Currency Can Dethrone the U.S. Dollar
On the other hand, China placed a transaction limit on companies dealing with the U.S. dollar in the country. Japan is also looking at ways to stall the U.S. dollar’s growth and put the Yen forward in the markets. In conclusion, the U.S. dollar reigned supreme in October 2023 outperforming gold, oil, commodities, and other currencies.
Read More
De-Dollarization Hits $1.5 Trillion As Eleven Nations Dump US Dollar