Gold decline continues after last week’s strong weekly price drop

Prices of both spot and futures gold declined between 0.30% and 0.40% today, a direct correlation to dollar strength and higher U.S. Treasury yields. The dollar gained 0.35% in trading today taking the index to 103.05. After last week’s dramatic decline in gold, the first trading day of the week is indicating a continuation of the down-trend based on the most recent economic data.Last week, data showed that the U.S. CPI rose moderately in July.

The meaning behind this acronym is that economic growth that is too strong to allow inflation to fall to the Fed’s target of 2% easily, suggesting that the Fed will need an additional rate hike to secure the proper path to their 2% target. As of 3:35 PM EDT, gold futures basis the most active December contract is currently trading down $6.70 or -0.35% and fixed at $1939.80. This after breaking below a key technical price level the 50-day simple moving average last week. Spot or Forex gold is currently trading -0.27% lower and fixed at $1907.80.

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