Gold loses in price against the background of the strengthening of the US dollar

At the beginning of the week, gold showed a decline of almost 1% – investors are reacting to the growth of the dollar against major world currencies.

August gold futures on the Comex exchange fell 0.9% to $3,312.6 per troy ounce. However, despite the current decline, the precious metal has grown by about 25% since the beginning of the year.

The DXY index, which tracks the dynamics of the dollar against six currencies (euro, yen, pound, franc, Canadian dollar and Swedish krona), added 0.2% on Monday. The growth of the US currency makes dollar-denominated commodities less attractive to holders of other currencies.

Political statements exerted additional pressure on the market: US President Donald Trump confirmed that increased import tariffs will come into force on August 1. He also threatened 10% duties for the BRICS-supporting countries. U.S. Treasury Secretary Scott Bessant clarified that the new tariffs will affect countries that do not enter into trade agreements with Washington. According to him, the United States is close to reaching agreements with a number of partners.