Gold is trading lower as the dollar rises following a larger-than-expected rise in the Feb. producer price index.
Portfolio Pulse from Benzinga Newsdesk
Gold prices have declined due to the strengthening of the dollar, which was influenced by a larger-than-expected increase in the February producer price index.
March 14, 2024 | 2:07 pm
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NEGATIVE IMPACT
The SPDR Gold Trust ETF (GLD) is likely to experience a short-term decrease in value due to the decline in gold prices, as it is directly influenced by the price of gold.
The SPDR Gold Trust ETF (GLD) tracks the price of gold bullion. Therefore, any movement in gold prices, such as the decline caused by the strengthening dollar, directly affects the value of GLD. Given the unexpected rise in the producer price index, which strengthened the dollar, it's reasonable to expect a negative impact on GLD in the short term.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90