US Dollar EXPLODES! Here’s What it Means for GOLD

May 2, 2024, 4:02 pm BST

This first quarter of this year was the strongest first quarter for gold demand in 8 years. This was the headline from the World Gold Council’s Gold Demand Trends report for Q1 2024. As expected, central bank demand for physical gold remained strong, whilst gold bar and coin purchases saw a 3% year-on-year increase. All of this has come against a backdrop of a strong US dollar and ETF outflows. A key sign that gold is detaching itself from the usual gold-dollar narrative, with investors around the world seeking allocated, physical gold that will act as a hedge against a number of worrisome economic and geopolitical scenarios.

Gold’s strong performance in 2024 has been despite an ever-strengthening US dollar. This week Jan Skoyles asks why is the US dollar so strong, and what does this mean for the gold price?

Buy Gold Coins

GOLD PRICES ( AM/ PM LBMA FIX– USD, GBP & EUR )

	USD $ AM	USD $ PM	GBP £ AM	GBP £ PM	EUR € AM	EUR € PM
01-05-2024	2288.50	2302.35	1832.40	1843.72	2144.78	2155.23
30-04-2024	2314.80	2307.00	1844.90	1842.14	2157.86	2154.05
29-04-2024	2337.60	2333.55	1867.51	1863.11	2182.85	2180.24
26-04-2024	2349.80	2343.10	1878.20	1873.78	2189.31	2187.75
25-04-2024	2325.65	2318.70	1857.96	1860.76	2168.90	2167.98
24-04-2024	2312.30	2320.25	1860.01	1865.25	2163.39	2169.67
23-04-2024	2298.15	2328.45	1859.66	1871.38	2155.21	2175.70
22-04-2024	2361.45	2334.95	1911.83	1896.68	2216.22	2196.02
19-04-2024	2381.80	2379.70	1912.82	1910.19	2234.84	2230.97
18-04-2024	2379.85	2382.70	1907.93	1913.31	2228.73	2235.93

Buy gold coins and bars and store them in the safest vaults in Switzerland, London or Singapore with GoldCore.

Learn why Switzerland remains a safe-haven jurisdiction for owning precious metals. Access Our Most Popular Guide, the Essential Guide to Storing Gold in Switzerland here

Receive Our Award Winning Market Updates In Your Inbox – Sign Up Here

About Author

Dave Russell

David is the CEO of GoldCore. Until Summer 2023 he was the Director of Marketing and Communications, responsible for all marketing and communications strategies and branding. David joined GoldCore in 2008 as Director of Business Development and later took over as Director of Marketing and Communications in 2020. Prior to this Dave managed and operated his own Marketing Agency and completed multiple coaching qualifications. "Working for GoldCore gives you a fantastic lens through which to view global financial and geopolitical developments. I am very proud to be part of a company that contributes to increasing investors understanding of these developments." When he’s not at work, David is passionate about sailing and has completed the ‘Round Ireland Yacht Race’ twice.