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17 May 2022
1 min read

Gold Gains Traction as US Dollar Slides

Gold prices rose on Tuesday afternoon, floating above $1,830, up from $1,790 a day earlier, as a drop in the US dollar boosted demand for the greenback-priced metal.

Amid weakness in the dollar index, the yellow metal is pushing higher thanks to buying efforts from gold bugs. Over the next few days, gold prices are expected to rise to a range of $1,840 to $1,849 per ounce, according to analysts.

In today’s trading session, US retail sales data took center stage. April’s report showed Americans increased spending, indicating healthy progress in economic growth.

Meanwhile, silver advanced to $21.72 per ounce, while palladium and platinum edged down significantly. As China gradually reopens its economy, metals that are useful in the industrial sector are expected to benefit.

 

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