Gold and the dollar have moved inversely every month since April, resuming a pattern in five of the past seven years. The greenback rose as much as 0.7 percent against the euro, partly on revived demand for the safety of the world’s main reserve currency.
“It is rather painful to describe the moves in gold solely in terms of the euro-U.S. dollar, but that is all that seems to be driving the gold price at the moment,” John Reade, UBS AG’s head metals strategist in London, said in a report. “Jewelry, physical investment and ETF flows remain very quiet.”
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