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Weaker U.S. dollar giving gold bulls more momentum running into the weekend

The U.S. dollar index suffered a decline during Thursday trading and in doing so, has given the gold bulls a burst of energy that’s driving them into the weekend. The dollar’s fall from 32-year highs against the yen comes after the latest Consumer Price Index (CPI) figures confirmed that inflation was still running hot. The data shows prices rose by 0.4%, which was more than analysts had expected for the month of September.

This news is adding to the already spooked sentiment that is pervasive amongst investors. BMO Capital Markets’ head of foreign exchange strategy said that the dollar losses were signs that the market was “freaking out”. Speaking to Reuters yesterday (Thursday) he said, “The reversal in the dollar is a shock. It’s a super jittery market that a tiny flow can have an exaggerated impact.”

This loss is working in favour of the gold bulls, with prices quickly gathering steam. The precious metal hit price levels of £1,488 ($1,673) in afternoon trading.

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