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THE GIST
NEWS AND FEATURES
Global Philippines Fine Living
INSIGHTS
INVESTMENT STRATEGY
Economy Stocks Bonds Currencies
THE BASICS
Investment Tips Explainers Retirement
WEBINARS
2024 Mid-Year Economi Briefing, economic growth in the Philippines
2024 Mid-Year Economic Briefing: Navigating the Easing Cycle
June 21, 2024
Investing with Love
Investing with Love: A Mother’s Guide to Putting Money to Work
May 15, 2024
retirement-ss-3
Investor Series: An Introduction to Estate Planning
September 1, 2023
View All Webinars
DOWNLOADS
948 x 535 px AdobeStock_433552847
Economic Updates
Monthly Economic Update: Fed cuts incoming   
June 30, 2025 DOWNLOAD
equities-3may23-2
Consensus Pricing
Consensus Pricing – June 2025
June 25, 2025 DOWNLOAD
Two people discussing a chart on a tablet
Economic Updates
Policy Rate Update: Dovish BSP Narrows IRD 
June 19, 2025 DOWNLOAD
View all Reports
Economy 2 MIN READ

Gold prices dip as dollar strengthens towards pandemic high

April 27, 2022By Reuters
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April 27 (Reuters) – Gold prices fell on Wednesday as the U.S. dollar consolidated at its highest level in more than two years and pressured demand for greenback-priced bullion.

Spot gold was down 0.6% at USD 1,893.70 per ounce, as of 0809 GMT. U.S. gold futures slid 0.3% to USD 1,898.60.

“So, USD 1,900 is clearly a pivotal level for today’s session … looking further out, it’s not looking ideal at the moment with the U.S. dollar at a 25-month high,” trading firm City Index’s senior market analyst Matt Simpson said.

The dollar stood at its highest level since the early days of the pandemic and was heading for its best month since 2015, supported by the prospect of aggressive U.S. rate hikes and on safe-haven flows fanned by slowing growth in China and Europe.

A stronger dollar makes greenback-priced gold less attractive for other currency holders. The greenback is also seen as a rival safe-haven asset to gold during economic and political crises.

Headlines from Russia provided some support to gold on Tuesday as investors sought a safe haven, but the Ukraine crisis has not been as much of a bullish story recently for bullion as it was a few weeks ago, and demand from it is unlikely to last through the week, Simpson said.

Russian energy giant Gazprom said it had halted gas supplies to Bulgaria and Poland for failing to pay for gas in roubles, the Kremlin’s toughest response yet to sanctions imposed by the West over the conflict in Ukraine.

Most Asian stock indexes fell as growing fears over the global economy drove investors to dump riskier assets in favour of safe havens such as the U.S. dollar and government bonds.

Spot silver dropped 0.2% to USD 23.43 per ounce, platinum dipped 1.3% to USD 920.23, and palladium eased 0.1% to USD 2,183.36.

(Reporting by Bharat Govind Gautam in Bengaluru; Editing by Subhranshu Sahu, Shounak Dasgupta and Sherry Jacob-Phillips)

This article originally appeared on reuters.com

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