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Struggling U.S. dollar index gives gold bulls a boost

The U.S. dollar index is struggling this week, with a weaker performance giving the gold bulls a boost. The U.S. Treasury yields are also in reverse, pushing gold prices further upwards.

The yellow metal appears to be coming into its own as a safe haven for investors once again on the back of an increase in Covid cases in China. The country announced its first Covid-related death in month amidst news reports describing Beijing as a “ghost town” due to strict lockdowns across the country.

China’s commitment for its zero-Covid approach, which has seen millions of citizens in mandatory confinement to quash outbreaks, has hit the economy hard. This could eventually be felt on Wall Street as many vital parts and components for US brands and car makers are produced in China. If lockdowns continue to hinder production, product shortages may start to create global problems.

Gold is currently trading around £1,462 ($1,741). Don’t wait for prices to rise further. Buy now to lock in your advantage.

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