Cryptocurrency Q&A
What is the correlation between gold and Usdx?
What is the correlation between gold and Usdx?
Alessandra
Sat Oct 19 2024
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5 answers
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I am curious about the relationship between gold and Usdx. I want to understand how these two entities are connected and if there is any significant correlation between them.
5 answers
CosmicWave
Mon Oct 21 2024
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DongdaemunTrendsetterStyle
Mon Oct 21 2024
The US Dollar Index (DXY) and gold prices exhibit a notable negative correlation, a phenomenon rooted in several fundamental principles.
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DigitalDragon
Mon Oct 21 2024
Firstly, gold is universally priced in US dollars, making it inherently linked to the strength of the greenback. This denominational aspect underscores the significance of the dollar's value in determining the affordability of gold for international investors.
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TaekwondoPower
Mon Oct 21 2024
When the US dollar appreciates against other currencies, the cost of gold increases for these investors. As a result, the demand for gold tends to wane, as fewer buyers can afford it at the elevated prices.
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BenjaminMoore
Mon Oct 21 2024
The decrease in demand, subsequently, exerts downward pressure on gold prices. This inverse relationship underscores the sensitivity of gold's market dynamics to shifts in the value of the US dollar.
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