Gold and silver are trading lower amid a rise in the dollar.
Portfolio Pulse from Benzinga Newsdesk
Gold and silver prices are trading lower due to a strengthening dollar.
April 30, 2024 | 7:18 pm
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NEGATIVE IMPACT
GLD, representing gold investments, is trading lower as the dollar strengthens.
GLD tracks the price of gold, which is inversely related to the dollar's value. As the dollar strengthens, gold becomes more expensive in other currencies, reducing demand and thus the price of gold and GLD.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 90
NEGATIVE IMPACT
SLV, representing silver investments, is trading lower due to the dollar's rise.
SLV tracks the price of silver, which, similar to gold, tends to move inversely to the dollar. A stronger dollar makes silver more expensive in other currencies, leading to decreased demand and lower prices for silver and SLV.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 90