Finanzen / Bilanzen

The influence of the US dollar on gold

The link between gold and the US dollar is a recurring theme. A look at the history helps.

The World Gold Council took a close look at eight periods in the past. The result was that the period following a dollar peak was good for the gold price. On average, the US dollar declined and weakened for around 22 months. So, while it fell by an average of 23 percent, gold climbed by 52 percent. If you take a closer look, the yield on the precious metal has risen by 14% in these phases since 2017, while the US dollar has fallen by at least 10% over six months. The US dollar has performed well recently, but in May it fell for the first time this year. If the US dollar continues to fall, this would be a positive sign for the gold price. The fall in the US dollar was due in part to a decline in inflation and the associated interest rate cut fantasy. For the US dollar and US yields to rise again, positive news from the economy would be required. But recent data has been weak, for example unemployment benefit claims. Another point that could weaken the US dollar is global economic growth outside the US.

This is because a sustained improvement can be seen here – bad for the US dollar, good for gold. In the EU, for example, growth of 0.3% was recorded in the first quarter of 2024 after a month-long dry spell. Fears of recession also seem to have eased globally. Be that as it may, the fact is that when the US dollar has been strong recently, it has hardly been able to have a negative impact on the gold price, as interest in gold is high. Gold companies, for example royalty companies such as Gold Royalty or Osisko Gold Royalties, should also be in focus.

Gold Royalty – is active in North and South America and owns streams and royalties in the gold sector.

Osisko Gold Royalties – focuses on gold and copper.

Current corporate information and press releases from Osisko Gold Royalties (- -) and Gold Royalty (- -).

In accordance with §34 WpHG I would like to point out that partners, authors and employees may hold shares in the respective companies addressed and thus a possible conflict of interest exists. No guarantee for the translation into English. Only the German version of this news is valid.

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Jörg Schulte
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