Does a Strong Dollar Push Gold Down?
Gold is quoted in dollars. When the dollar strengthens, the same ounce costs more in every other currency — and demand outside the US softens. The inverse relationship is one of the most widely cited in macro, which is exactly why the exceptions are worth understanding.
How the color is set · 3-month change: < −2.0% Bullish · −2.0–+2.0% Two-way · ≥ +2.0% Bearish
— The last 10 years
The background shows this site’s rule, the same one that colors the card:bullish rangetwo-way rangebearish range
Data: FRED · one point per week · hover or use the arrow keys to read each point
— What it is
The dollar's strength vs. a basket of currencies — usually inverse to gold. This is the Fed's broad dollar index (Jan 2006 = 100), a different basket from the commonly quoted ICE "DXY", so the levels are not directly comparable.
— What it moves
Gold
Gold is priced in dollars. A stronger dollar makes gold pricier in other currencies, dampening demand.
- ▲Dollar strengthens → bearish for gold
- ▼Dollar weakens → bullish
Silver
Silver is priced in dollars; a stronger dollar likewise dampens silver demand.
- ▲Dollar strengthens → bearish
- ▼Dollar weakens → bullish
Education only — not investment advice. The directional notes describe general tendencies, not predictions: the same data can move markets differently depending on context. Figures come from FRED and are labeled with the period they cover and the date they were published.