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Gold prices slowed last week after climbing sharply the previous week. The metal closed the week at $1,754.40 per ounce.
The metal responded positively to improving inflation numbers; however, that rebound slowed last week. Going forward, gold may face fewer headwinds as the Federal Reserve’s actions begin to affect the economy and inflation.
The value of the U.S. dollar has increased significantly this year. It’s reasonable to expect some continued selling off as buying pressure decreases as interest-rate increases slow. It should be noted, however, that the Fed continues to use fairly hawkish language, and that relief for the metal may be short-lived. It may be several months before the price of gold experiences less downward pressure.