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Gold prices experienced a slight rise in the early hours of Thursday’s Asian trading session due to a mild weakening of the U.S. dollar, according to an analysis by Commonwealth Bank of Australia (OTC:CMWAY) (CBA) analyst Vivek Dhar. Spot gold was specifically priced at $1,876.63 per ounce.
In his research note, Dhar underscored that the future trajectory of gold prices is largely dependent on the behavior of the U.S. dollar. He noted an escalating inverse correlation between gold futures and the U.S. dollar over the past year, indicating that as the USD weakens, gold prices tend to rise, and vice versa.
The small ascent in gold prices in today’s Asian session aligns with this observed trend, reflecting the current state of mild USD weakness. Analysts and investors will likely continue to monitor this correlation closely to forecast potential shifts in gold prices based on USD performance.
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