Gold Down, as the Dollar Strengthens over the Fed’s Tightened Policies
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Gold was down on Friday morning in Asia, holding near a three-month low as the dollar continued to strengthen over the U.S. Federal Reserve’s tightening policies.
The dollar climbed to a 20-year high. Investors are concerned about the recession caused by the tightening policies, giving the currency a boost.
On the data front, the U.S. Producer Price Index (PPI) released on Thursday showed a growth of 0.5% month-on-month in April, slower than the 1.6% increase in March, due to the easing pressure of rising costs for energy products.
Data released on Thursday also showed that the U.S. Initial Jobless Claims increased to 203,000 last week. The figure was above 195,000 forecasted by investing.com and 202,000 the previous week.
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